Great news for the UK screen industry with the BFI’s Screen Business report revealing it generated £7.9bn in 2016, contributing £2bn tax revenue to the economy.
The BFI’s report is the first to illustrate the impact of tax relief given to the UK screen industry, including the funds for video games and children’s television. It shows incredible growth based on 2016’s figures and how government incentives are fuelling businesses. Visual effects, games, and animation are all covered in the appendices and account for £1.7bn of the total figure.
Tax reliefs for the UK screen industry in 2016 totalled £632m, according to the report, and prompted an additional spend of £3bn.
“We’re privileged to operate in such an amazing, creative business,” said Mark Cass, Escape Technology’s Managing Director, in response to the report. “Sustained investment in the UK’s film, TV, and games industries shows a real commitment to our place on the world stage of media and entertainment and hopefully sets us in good stead for the coming years.”
“From TV shows like The Crown, to films like Darkest Hour, and animations like Peppa Pig, our creative industries are intrinsic to the rich cultural fabric of the UK. But they’re also an important part of a dynamic and diversified economy, and a key component of our great, global trading nation,” said UK Chancellor Philip Hammond.