fund have reached a critical juncture, with an estimated £1BN backlog of productions at risk of being aborted or moved offshore unless the government steps in with a rescue package.has been involved in months of constructive talks with the government, but the discussions are yet to bear fruit, and there is now real concern that if ministers don’t announce plans in the next seven days to plug the insurance gap, it could create mayhem for hundreds of shoots awaiting a green light.
The plans also need sign-off from the European Union, given that the UK would not want to break state aid rules while it remains in a Brexit transition period. There is no suggestion that the EU is delaying proceedings, but it is the case that talks with Brussels have brought an additional layer of bureaucracy to a situation already fraught with complication.
“We need an intervention now. Unless we get something imminently, then productions will go offshore or they will not be able to get into pre-production to then start principle photography before we hit winter. The clock is ticking. We’ve said to the government: end of July at the latest,” McVay said. “The amount of pressure we are under in terms of the calls and emails from members.
Why can private investors or producers pony up, why do they need a government bail out?
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