The UK government has listened to months of industry lobbying and launched an emergency £500M film and TV coronavirus productionfund, which will effectively underwrite the cost of shoots closing in the event of a second lockdown.
CEO John McVay reckoning it could open the floodgates to a backlog of shoots worth an estimated £1BN .The fund only covers delays relating to coronavirusCompensation for Covid delays will be granted up to a value of 20% of the production budget. Compensation for abandoning production will cover up to 70% of the budgetProducers will need to purchase insurance to cover non-coronavirus risks
UK Chancellor Rishi Sunak said: “The UK’s film and TV industry is the envy of the world, and it’s vital that productions get the help they need to restart as part of our plan to kickstart jobs following the lockdown.UK Government Opens Floodgates To Production Restarts By Launching $646M Emergency Covid Insurance Fund