The Government Actuary’s Department (GAD) has helped to deliver a project which is providing £500m to the UK’s film and TV industries adversely affected by COVID-19.
The new ‘Film and TV Production Restart Scheme’, set up with the help of modelling and actuarial expertise provided by GAD, is set to help jumpstart productions.
This is some much-welcomed news as the UK’s film and TV production sectors support more than 180,000 jobs and contribute more than £12 billion a year to the economy. However, Coronavirus has led to severe problems for all aspects of production.
The extensive effects of lockdown and social distancing meant that domestic production and filming projects were not able to get adequate insurance, so filming was halted or could not begin.
In this two-month long project, GAD worked with the Department for Digital, Culture, Media and Sport (DCMS) to create a compensation fund which complements commercially available insurance schemes so that cover is complete.
If you’re in the film and television sector, please head to the gov.uk website where you’ll be able to find out more about the Film and TV Production Restart Scheme.
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