Article 50 Set to Have a Positive Impact on the UK Film Industry

There is no doubt that Brexit has already had a significant effect on the UK economy, despite the fact very little in the way of serious negotiations have taken place. Ever since the UK voted to leave the EU last summer, the government has been plunged into one political disaster after another. Meanwhile, the UK economy continues to move forward and in some industries flourish.

Article 50 was triggered on the 29th March, so the UK has until April 2019 to negotiate a settlement package. Given the slow pace of negotiations to date, this seems like a tall order, but the government has no alternative but to try its best to secure a good deal for the UK. How this will affect the UK film industry remains to be seen. Gary Collins, the founder of Red Rock Entertainment, currently one of the most successful film finance companies, is adamant that leaving the EU is almost certainly going to have a positive impact on film making in the UK.

UK Film Investment is Safe

While some leading industry figures are concerned that finance could dry up once the UK is no longer part of the European Union, Collins says the UK is safe because the UK film industry receives the majority of its funding from the US.

In 2015, £1.5 billion flowed across the Atlantic, compared to a paltry 130 million Euros injected into the industry between 2007 and 2015. When you see these figures in black and white, it is perfectly obvious that despite the valuable contribution from the EU Media Programme, it is a drop in the ocean compared to money flowing from US investors.

US Film Industry World Class

Collins sees no reason why US investment will dry up once the UK leaves the EU. It wouldn’t make financial sense for US investors to suddenly pull the plug. After all, the UK film industry is hugely successful. Home-grown talent is responsible for many high-profile films each year and our studios are world class.

No More EU Collaborations

The only real fly in the ointment for the UK once it departs the embrace of the EU is the fact UK film makers will no longer be able to co-produce films with their European partners. However, some collaborative efforts will still go ahead, as the UK will still be a member of the Council of Europe post-Brexit. Nevertheless, British audiences are also likely to see fewer EU films in the cinema because of translation and distribution problems, which is a shame if you love foreign language films from France, Germany, and other EU countries.

It is also likely that fewer films will be made in the UK, but Collins believes this is not a bad thing. He comments that there are too many films being produced in the UK, some of which never see the light of day. If there are fewer projects to invest in, we should see the quality of home-grown films increase – which is no bad thing.