Film industry experts have hit back at “scaremongering” suggestions the UK film industry could be significantly damaged by Brexit.
Some industry figures fear that withdrawal from the EU will have a detrimental impact on British film-making because millions of pounds in European funding will dry up.
They highlight that between 2007 and 2015, the EU Media Programme injected €130million in cash into the UK film, TV and gaming projects.
However, the founder of one of the UK’s most successful film finance companies believes Article 50 may in fact have a positive impact.
Gary Collins, CEO of Red Rock Entertainment, said that, in 2015, the UK film industry received £1.5bn in funding from the US alone.
Providing that tax credits aren’t changed post-Brexit, Mr Collins doesn’t see any reason as to why the US investment wouldn’t continue as is.
“Those with loud voices are scaremongering for no reason, and that needs to stop,” he said.
“The UK film studios are the best in the world, and our crews are highly trained, and regarded amongst the very best.
“Filmmakers will still come, investment in film will still come, regardless of the vote to Leave.”
In addition, Mr Collins believes that the Government will allocate extra funds to the industry from some of the money saved as a result of leaving the EU.
He admits the most damaging effect of Brexit on the UK industry may be the potential loss to independent filmmakers of co-productions made with other EU companies.
These co-productions enable producers to benefit from additional tax credits and grants available from other EU states
Other companies involved will often bring additional financing to the table along with the possibility of pre-sales.
Mr Collins thinks that while less UK movies may be made following Brexit, this is not necessarily a bad thing – since some movies are produced and never get seen.
“At the moment it is a buyers’ market, and I personally believe there are too many movies being made,” the Red Rock founder said.
“So this could help level the playing field, allowing only the best movies to survive and have their moment in the spotlight.
“It will also force investors to be really picky about the quality of the movies they inject funds into, which ultimately encourages filmmakers to up their game.
“Would that be such a bad thing?”