The UK’s film industry generates more than £1.36 billion in revenue and employs more than 195,000 people.

To build on this success, the Labour Government is introducing a groundbreaking Independent Film Tax Credit, designed to provide crucial support to independent film companies and stimulate further growth, creativity, and job creation across the country.

Despite its global success, the sector faces increasing challenges, particularly for smaller independent filmmakers who struggle to compete with major studios and international production houses. 

To address this, Labour’s Independent Film Tax Credit will provide productions with a budget of up to £23.5 million with tax reliefs of 53% on the first £15 million of their film expenditure. This will help level the playing field, ensuring more opportunities for independent films and British talent to thrive.

Sheffield, with its rich film heritage, has contributed iconic productions like Threads, This is England ‘86 and The Full Monty which became a cultural phenomenon by portraying the struggles, resilience, and spirit of working-class life. 

In addition to the tax relief, Labour is working closely with Skills England to tackle the 25,000 job vacancies in the creative sector by providing flexible apprenticeships and creative career pathways. This will help foster the next generation of filmmakers, directors, and crew members, ensuring the future success of the UK’s independent film sector.

Louise Haigh, MP for Sheffield Heeley, said:

“Our film industry is one of the UK’s greatest achievements, showcasing British creativity and culture on the global stage. That’s why this Labour Government is committed to supporting independent filmmakers with the financial backing they need to thrive. The Independent Film Tax Credit will empower even the smallest studios, boost local economies and create jobs nationwide – including here in Sheffield.

“The Full Monty is a perfect example of how films can shine a light on the real lives of working-class communities. These voices need to be heard, and Labour’s new tax credit will ensure that more filmmakers across the UK have the chance to do just that. 

“With this initiative, we are not just investing in the UK’s creative talent, but in the future of our economy and our ability to share British stories with the world. Sheffield has always been a city of storytellers, and I’m proud that Labour is committed to supporting this legacy.”