UK Chancellor Rishi Sunak today announced the parameters of the government’s spending review, including the creation of a new Global Screen Fund to fill the void created by Creative Europe’s lack of MEDIA funding after Brexit.
However, the £ 7 million (US $ 9.4 million) funding for the pilot year of the program may be disappointing as initial proposals from the British Film Institute (BFI), which will manage the fund for DCMS, are £ 17 million (22 , 8 USD) demanded M) pot.
Great Britain received MEDIA funding of EUR 12.2 million (GBP 10.9 million / USD 14.5 million) in 2018 and a total of EUR 74 million (USD 87 million) from the broader program ” Creative Europe ”.
The spending review sets out plans for the economy as the UK is close to the completion of the Brexit process (37 days and count) and is expected to be in 2021, when the country will plan its recovery from this pandemic.
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The Global Screen Fund was first proposed in the summer. At the time, it was found that the UK indie film sector had benefited from MEDIA funding for more than a decade, particularly in the showrooms and distribution rooms as well as from exporting British content to European shores.
In the proposal submitted by the ERI, it was estimated that without replacement funds the sector would shrink by 10% and cost up to 1,200 jobs.
Although Creative Europe’s MEDIA program is not limited to EU countries, the UK government has previously confirmed that it will not seek participation in the 2021 edition.
Ben Roberts, BFI CEO, welcomed the announcement and recognized the economic challenges of the current climate.
“Today’s £ 7 million for a pilot global screen fund announced as part of the government spending review is a positive result for the independent screen sector in what we believe is a challenging budget climate. Given the significant contribution film, television and video games make to the UK economy and our position in the global marketplace, we welcome this new funding, which will allow the industry to further develop international partnerships, build on export opportunities and increase our return on investment. ” he said.
Caroline Norbury, CEO of the Creative Industries Federation, said: “The confirmation of a Global Screen Fund to replace Creative Europe MEDIA is welcome news but there is an urgent need for clarification on what will replace Creative Europe Culture and other EU-funded programs. “
“EU funding has been critical in enabling creative entrepreneurs and organizations to deliver social and economic value while cementing the UK’s position as a world leader. We look forward to the long-awaited details of the UK’s Shared Prosperity Fund and we urge the government to reach out to industry to help advance these new approaches. “