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The ITV boss has backed Jeremy Hunt’s plans to make the UK “second only to Hollywood” in film and TV production.
While praising the success of the drama Mr Bates vs The Post Office, Carolyn McCall praised the Chancellor’s decision to reduce business rates for production centers by 40 per cent over the next decade.
He called Wednesday’s announcement a “good budget” for the creative industry, echoing comments from Sky, which also produces several shows on British soil.
“We’re starting to look more like France, Australia and Canada in terms of encouraging investment in creative work, but we’re not there yet,” McCall said.
The Government’s announcement will put Britain on par with markets that offer 40 per cent tax breaks for productions there.
ITV boss Carolyn McCall (pictured) praised the Chancellor’s decision to cut business rates for production hubs by 40% over the next decade.
McCall said ITV was also “very proud” of Mr Bates vs The Post Office, which is now its biggest drama in more than a decade.
The rights have been sold to 12 foreign stations.
The program brought the plight of subpostmasters to public attention and led to legislative changes. McCall said: “We are very proud of what has been achieved.” “It really shows the power of television.”
The comments came as the Love Island and Celebrity Big Brother creator said profits fell to £193m by 2023, down from £501m the previous year.
Revenue fell 2 percent to £4.3 billion in what McCall said last year was the “worst advertising downturn” since the 2008 financial crisis.
Linear advertising (ads on television rather than online) was a weak point, with revenue falling 15 percent.
But 2024 looked much brighter thanks to this summer’s European soccer championship.
Total advertising revenue is expected to increase 3 percent in the first quarter of this year, helped by digital revenue.
McCall said ITV was also “very proud” of Mr Bates vs The Post Office, which is now its biggest drama in more than a decade.
And ITV is in the “early stages” of a strategic restructuring to further reduce costs and increase profitability.
Last week it sold its 50 per cent stake in BritBox, a subscription streaming service, to BBC Studios for £255 million.
Citi analysts said “the outlook is encouraging in terms of advertising and cost savings.” The shares rose 12.2 per cent, or 7.42 pence, to 68.38 pence.
