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Britain’s movie industry is a key UK export – and accountants are needed to sustain its growth

19th Sep 2012
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According to a new report, the UK film industry contributed more than £4.6bn to the economy last year thanks to films including Harry Potter and Deathly Hallows, The King’s Speech and The Inbetweeners.

The Economic Impact of the UK Film Industry, an independent report published by Oxford Economics, was commissioned by the UK Film Council, Pinewood Shepperton plc, Framestore, Cinesite and Double Negative. It concludes that the UK film industry is substantial, is weathering the recession well, and its long-term trend is one of strong growth and expansion. As one of the country’s most lucrative exports, and with continued growth predicted, Britain’s movie industry relies heavily on savvy accounting professional.

The BFI has recently unveiled a five year plan to develop the UK film industry. And while there is a focus on nurturing creative talent within this area - the economics of production, distribution and exhibition are integral to the development of the sector - especially as the industry moves towards digital formats. Behind the scenes, accountants are pivotal to the success of the industry.

Last year, UK films directly contributed £1.6bn to the UK economy - which was £100m up on 2010’s figures – the total figure rises to £4.6bn when taking into account other factors such as the boost it gives to tourism and trade.  

Ed Vaizey, the minister for culture, communications and creative industries has said the report, “reminds us of the crucial role the industry plays in job creation, tourism, inward investment and the promotion of all that is good about Britain”, and “we now need to look at how to enable further investment in in infrastructure and how to build on the UK’s growing reputation to boost exports”.

Britain is famous for its creative flair – but it is the talented financial professionals working backstage that translate the artistry to equity. Without a constant stream of bright young accountants the British film industry is unable to prosper – are you up to the job?   

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