The new year is a time of optimism and looking to the future. After a challenging few years, the UK film industry looks set for some positivity in 2024, though there may also be some uncertainty.
Read on to learn about three important developments that could affect the film industry this year.
In his Autumn Statement in 2023, the chancellor announced a call for evidence from the industry about extending tax credits to the independent film sector.
The announcement followed a set of recommendations that approximately 130 industry bodies submitted to the Culture, Media and Sport (CMS) committee. The document set out some of the key challenges facing the industry and suggestions to help solve them.
In response, the chancellor announced that the government will increase the level of tax credits available for visual effects production. It will also request evidence from industry experts to help design further tax credits that ensure the visual effects sector in the UK remains competitive on the global stage.
The consultation is due to begin in the early months of 2024.
The industry strikes that took place in 2023 in the US had a knock-on effect in the UK. A shortage of roles left many out of work, and recovery since it ended has been slow.
That said, 2024 could see many more opportunities. Screen Daily reports that production could begin to return in April this year, but there could be familiar challenges on the horizon. Competition with other workforces with greater tax incentives and investment is fierce, and many UK workers are leaving the industry following the unemployment caused by the strikes in Hollywood.
To ensure the UK film industry remains competitive, more investment is needed to develop skilled workers and incentivise overseas productions to choose the UK for their shoots.
Perhaps the biggest political event to take place this year will be the general election, which will happen before January 2025. Any changes to Downing Street as a result could affect policies relating to the creative sector.
For example, the Screen Daily report suggests that Labour has been quiet about its plans for any enhanced financial support for the film industry. So, while a consultation on extending tax credits to the visual effects industry is expected to begin soon, it’s unclear whether this would continue in the same guise if another party were to be voted in.
The coming 12 months could be an exciting but also uncertain time for the UK film industry. One of the ways you can set yourself up for success is to protect yourself and your business from the unique risks that you face.
This might include:
By ensuring you’re protected from the financial implications of unforeseeable events, you can continue doing what you do best no matter what life throws at you.
Here at Eggar Forrester, our team has years of experience arranging bespoke insurance cover for businesses across the creative sector. If you’d like to learn more about how we can help you to protect your business in 2024 and beyond, please contact us today.