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Back to entertainment: Dana Strong calls on Labour to maintain UK’s position as destination for entertainment production
This week marks a significant transition for the UK, with new leadership at Number 10 and a shift in political power for the first time in 14 years.
As we move into this new era, it is imperative that we seize the opportunity to ensure the UK’s creative industries continue to lead globally.
The Labour Party is committed to delivering a growth agenda, with the aim of bringing financial resilience to our national economy. It has never been more crucial that Government and business work together to create a policy environment that allows us all to prosper.
If the new Prime Minister is to grow the economy, he should focus on the UK’s world-leading media and entertainment sector.
Projections show that this sector could be worth an additional £10 billion per year by 2033, rising from £43 billion in 2021 to £53 billion, and creating 40,000 British jobs.
British content is not only appreciated here, but around the world. International demand for our content is projected to grow by 50 per cent by 2033, as the UK continues to control a significant share of the international market.
An economy centred on creativity benefits the whole nation. There is evidence to suggest that increasing our creative exports could contribute an extra £2 billion a year to UK tourism, as overseas fans travel to see iconic locations from their favourite films and TV shows.
To achieve this thriving cultural economy, we need a supportive policy environment that fosters innovation, attracts investment and ensures global competitiveness.
Ensuring that the industry has the necessary skills will be essential.
The British Film Institute’s Skills Review 2022 report estimated that high-end film and television will require between 15,130 and 20,700 additional full-time staff by 2025.
The Wicked film, due for release in November 2024, created more than 2,000 jobs while filming at Sky Studios Elstree.
ScreenSkills has identified crucial pressure points in entry-level and mid-level roles across the film industries, including shortages of 2D and 3D animators and designers, sound technicians, and hair and make-up artists.
Labour’s manifesto commitment to transform the current apprenticeship levy into a “growth and skills” levy would help address these shortcomings.
Wicked: The upcoming release starring Ariana Grande and Cynthia Erivo (pictured) was filmed at Sky Studios Elstree and created 2,000 jobs
The proposal could allow companies to spend up to 50 percent of their tax contributions, including current underspending, on non-apprenticeship-based training, unlocking significant funding for training programs.
For example, at Sky alone, this would allow us to invest over £5m more in training for media-related roles without the existing restrictions.
It’s vital to ensure we have the right people, with the right skills, to meet the demand – from Bridget Jones to Jurassic, Mr. Bigstuff and Bad Tidings.
Without a strong talent pool, the industry will inevitably have to postpone important projects until vacancies are filled. It is therefore essential to implement this policy quickly.
The previous Government recognised the importance of an internationally competitive audiovisual tax environment to attract significant foreign investment and support the production of British content.
As Rachel Reeves, our new Chancellor, prepares plans for her first Budget, I urge her to ensure we maintain the UK’s competitive advantage as a leading destination for content creation.
This includes preserving the current tax relief environment for the audiovisual sector and conducting regular benchmarking to ensure UK incentives remain globally competitive.
Expanding R&D tax credits to include creative initiatives, not just scientific and technological ones, would further boost innovation and growth.
Countries such as Germany, France, Italy, South Korea and Mexico already do this, and the UK must keep pace to maintain a thriving cultural economy.
This country is fortunate to have all the necessary ingredients – language, talent and culture – to successfully export our cultural production to the whole world.
The Labour Party values this sector highly, but there is still more potential to be unlocked.
By seizing opportunities and partnering with businesses, the results could be astonishing, significantly boosting diplomacy, national renewal and economic growth.
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