The drop in the pound since the 2016 European referendum has provided foreign investors with an additional incentive to shoot film and TV productions in the UK.
With the pound having lost 15% of its value against the dollar in the past 2 years, Hollywood studios and production companies have been eyeing the opportunities available in the UK, one of the world’s top destinations for productions. Back in July, Shepperton Studios signed a deal with Netflix that will set up the American producer with a permanent production facility in the UK, providing it with additional studio space, and helping to secure hundreds of jobs in the process.
As sterling has fallen considerably against the dollar, American studios are able to benefit from increased purchasing power, while receiving tax incentives that the UK offers, along with a highly skilled workforce, and large studio facilities.
Pinewood Studios in Iver has been the home of the Star Wars films for the last several years and continues to expand in the UK and internationally.
Following on from the referendum, Britain has yet to leave the European Union, however it is anticipated that American and British workers that are currently involved in productions will not be adversely affected as continuity agreements between the UK and the US are being implemented for after October 31st.