U.K. Producers Await Insurance Scheme But It Still Needs E.U. Approval
The U.K.’s film and TV production restart scheme won’t be open to applications until it’s secured State Aid approval from the European Union — a process that’s still ongoing, with no clear end date in sight.
“I was hoping it would be several weeks ago, I hope it’s tomorrow, but I just don’t know,” John McVay, CEO of U.K. producers trade org Pact, told Variety on Thursday.
As the scheme remains in limbo, the European Union Commission is planning legal proceedings against the U.K. for breaching its obligations under the Withdrawal Agreement from the European Union. However, it’s unclear whether that initiative will impact the fund in any way.
The £500 million ($644 million) scheme is designed to help U.K. productions that have been suspended and aren’t able to secure insurance going forward, or are yet to shoot due to lack of insurance but can begin principal photography before the