Sky welcomes cut on studio business rates
March 6, 2024
In today’s [March 6th] Budget announcement, The Chancellor Jeremy Hunt has confirmed a 40 per cent relief on business rates for film and TV studios, for a ten-year period.
Sky Group CEO, Dana Strong, has welcomed the news, outlining how it provides a stable foundation for the investments of tomorrow in the UK, such as the broadcaster’s proposal to expand its studio space in Elstree and to announce the filming of NBCUniversal’s next Jurassic World movie at the studio.
Strong said: “We’re delighted that the Chancellor called ‘Cut’ today on TV and Film studio business rates, providing vital tax relief to enable the UK’s world-class film and TV production sector to continue to thrive. Today’s announcement brings confidence to the sector, unlocking job opportunities whilst providing a stable foundation for the investments of tomorrow in the UK, such as our proposal for Sky Studios Elstree North and the filming of NBCUniversal’s Jurassic 4.”
Sky estimates thar Sky Studios Elstree North will create 2,000 jobs and bring an additional £2 billion of production spend into the UK in the first five years alone.