CASINO ROYALE - TAX INCENTIVES BOOST U.K. FILM INDUSTRY, SAYS STUDY

Crediting government tax credits, the British research firm Oxford Economics said Monday that the U.K. film industry contributed $8.8 billion to the national economy, up nearly 40 percent from 2004. "The new tax credit works. It's clearer, simpler and a good deal for investors in film," U.K Film Council CEO John Woodward told reporters. On the other hand, the study observed, if the tax incentives were withdrawn, the industry would atrophy as the number of films produced in the country would drop by 75 percent. Growth was primarily spurred by such British blockbuster co-productions as Casino Royale and The Da Vinci Code, the study said, but it was also driven by several more modest movies including The Queen, Constant Gardener, The Wind That Shakes the Barley, and Red Road. Woodward also noted that industry growth is expected to expand further with such films as the next Harry Potter and James Bond sequels as well as the movie adaptation of the musical Mamma Mia coming up. Meanwhile, reports in the U.K. said that Daniel Craig has signed a contract worth $26 million to appear in the next two James Bond movies.

24/07/2007