Written by Tom Deehan on Dec 1, 2016. Posted in General Interest / Incentive News

BFI announces five year plan to expand investments in the UK creative industry

The British Film Institute has laid out its funding strategy for the next five years, under the name BFI2022. The plan will invest close to GBP500 million from 2017 to 2022 in new and emerging sectors of the UK creative industry, such as non-feature length films and providing faster methods of funding for low-budget films.

There is one word at the heart of this strategy: future.

Amanda Nevill, CEO of the BFI

BFI Chair, Josh Berger explains: “UK film is the envy of the world - great talent telling incredible stories in imaginative ways, wowing audiences and contributing GBP4.3 billion to UK GDP in the process… our aim is to find, educate and support the very best talent, give them the skills, tools and creative freedom needed to tell their stories, and make sure as many people as possible can enjoy and be inspired by those stories on the big screen, the small screen and even the screen in their pocket.”

Amanda Nevill, CEO of the BFI adds: “there is one word at the heart of this strategy: future. We will be supporting filmmakers so they are free to experiment and innovate for the future of the medium, opening doors to a future that includes greater opportunities for a diverse generation of individuals to find their voice in the industry; expanding the circle of decision-makers so that the energy behind the current success of film radiates across the whole of the UK”

UK films that weren’t released theatrically were previously excluded from BFI funding but will be catered to under the new system. 25% of all BFI funding will also be allocated to accommodate key industry figures who are based outside of London, alongside a GBP10 million Enterprise Fund for smaller creative companies operating outside of the capital.

Encouraging diversity in the production industry is a key aspect of the plan, which includes a ten year partnership with Creative Skillset to invest in young talent from various background and a consistent programme to highlight the work of women in the creative industry.

The UK production industry is one of the country’s most profitable sectors, having brought in over GBP2 billion during the last two years alone. Domestic and international productions are encouraged by the UK tax relief that offers a 25% tax rebate to both feature films and television programming.

Some of the biggest projects to come out of the UK recently include Netflix’s The Crown and the Harry Potter prequel, Fantastic Beasts and Where to Find Them.

Anna Mansi, Head of Certification at the BFI is a member of the content advisory board at FOCUS – the meeting place for international production in December. Register your attendance today for free.