How pound slump could spark £3bn film and TV investment boom
The UK’s film and TV production industry could receive an almost £3bn increase in investment by Hollywood studios and streaming companies annually by 2025, as the pound’s decline against the dollar in recent months makes Britain a bargain location for shooting big-budget movies and TV series.
The UK production industry is enjoying a post-Covid boom with a record £5.6bn spent in the past year, making films such as Tom Cruise’s action title Mission: Impossible 7 and dramas including Bridgerton and Star Wars: Andor.
The pound has recovered from its dip against the dollar in the wake of Kwasi Kwarteng’s “mini-budget” on 23 September. However, at about $1.13 it has still lost more than 10% in value against the dollar over the past six months, so the UK can look forward to an extra boost from US companies seeking overseas filming locations and production facilities.
Investment firms, from Blackstone and Hudson Pacific to Legal & General, that are bankrolling a wave of Hollywood-style studios are also likely to benefit handsomely from an increase in demand for UK-produced film and TV shows triggered by the pound’s decline against the dollar.
“If you look at the state of the pound versus the dollar, I’d be rubbing my hands together at the prospect of transferring production to the UK,” says Jeremy Rainbird, the co-founder of the Creative District Improvement Company, which is developing a number of sites including Twickenham Studios.
“Now, on top of the fantastic incentive of government tax breaks, there is in effect a major financial discount to producing in Britain. Streamers and studios will be looking at exchange rates around the world, there is definitely going to be a boost in demand here.”
The UK is hosting Hollywood
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