Starmer should back beloved British TV and film for growth, says Sky boss DANA STRONG

This week marks a major transition for the UK, with new leadership at Number 10 and a change of political power for the first time in 14 years.

As we enter this new era, it is vital that we seize the opportunity to ensure the UK’s creative industries remain world leading.

Labour has committed to a growth agenda, focused on bringing financial resilience to our national economy. It has never been more crucial for government and business to work hand in hand to create a policy environment that enables us all to thrive.

If the new Prime Minister wants to grow the economy, he must focus on Britain’s world-leading media and entertainment sector.

Forecasts suggest the sector could be worth an additional £10 billion a year by 2033, rising from £43 billion in 2021 to £53 billion, and creating 40,000 jobs in the UK.

British content is not only loved here, it is cherished around the world. International demand for our content is expected to grow by 50 percent by 2033, as the UK continues to hold a significant share of the international market.

An economy that revolves around creativity is good for the whole nation. Evidence suggests that growing our creative exports could generate an extra £2 billion a year for UK tourism, as fans travel from abroad to iconic locations from their favourite films and TV shows.

To realise this thriving cultural economy, we need a supportive policy environment that stimulates innovation, attracts investment and ensures global competitiveness.

It is essential that the sector has the necessary skills.

According to an estimate from the British Film Institute Skills Review 2022, the film and television sector will need between 15,130 and 20,700 additional full-time workers by 2025.

The film Wicked, due for release in November 2024, created more than 2,000 jobs during filming at Sky Studios Elstree.

ScreenSkills has identified key bottlenecks for entry-level and mid-level roles in the film industry, including shortages of 2D and 3D animators and designers, sound engineers, and hair and make-up artists.

Labour’s manifesto pledge to transform the current apprenticeship levy into a ‘growth and skills’ levy would help address these shortages.

Wicked: The upcoming release starring Ariana Grande and Cynthia Erivo (pictured) was filmed at Sky Studios Elstree – and created 2,000 jobs

The proposal could allow companies to spend up to 50 percent of their levy contributions, including current underspend, on non-apprenticeship training, freeing up significant funds for upskilling programs.

At Sky alone, this could enable us to invest over £5 million extra in training for media-related roles, without the current restrictions.

It’s vital we have the right people with the right skills to meet demand – from Bridget Jones to Jurassic, to Mr Bigstuff and Bad Tidings.

Without a strong talent pipeline, it is inevitable that the sector will have to delay key projects until positions are filled, which is why rapid implementation of this policy is essential.

The previous government recognised the importance of an internationally competitive tax environment for audiovisual services to attract significant foreign investment and support British content production.

As Rachel Reeves, our new Chancellor of the Exchequer, prepares plans for her first Budget, I urge her to ensure we maintain the UK’s competitive position as a leading destination for content creation.

This means maintaining current tax relief for audiovisual services and conducting regular benchmarking to ensure UK incentives remain globally competitive.

Extending R&D tax benefits to creative activities, rather than just science and technology, would further stimulate innovation and growth.

Countries such as Germany, France, Italy, South Korea and Mexico are already doing this. The UK needs to follow suit to maintain a thriving cultural economy.

This country is fortunate in that it has all the necessary ingredients – language, talent and culture – to successfully export our cultural output around the world.

The unions attach great value to this sector, but there is much more to be gained.

By seizing opportunities and partnering with businesses, the payoff can be astounding. It can significantly boost diplomacy, national renewal and economic growth.

SAVE MONEY, MAKE MONEY

Savings promotions

Savings promotions

Top rates plus £50 bonus until July 15th

Cash Isa at 5.17%

Cash Isa at 5.17%

Including 0.88% bonus for one year

Free stock offer

Free stock offer

No account fees and free stock trading

5.78% savings

5.78% savings

Invoice with a notice period of 365 days

Fiber optic broadband

Fiber optic broadband

£50 BT Rewards Card – £30.99 for 24 months

Affiliate links: If you purchase a product, This is Money may earn a commission. These deals are chosen by our editorial team because we think they are worth highlighting. This does not affect our editorial independence.