Lights, Camera, GAD!
A report into a scheme for the movie and TV industries supported by GAD during the pandemic finds it generated thousands of jobs and billions of pounds for the economy.
An independent evaluation of a scheme, supported by the Government Actuary’s Department (GAD) during the pandemic, finds it generated thousands of jobs and billions of pounds for the economy.
GAD’s expertise
The 2-year long ‘Film and TV Production Restart Scheme’ launched in July 2020, with the help of modelling and actuarial expertise provided by GAD. The project provided a £500 million boost to the UK film and TV industries adversely affected by COVID-19.
We worked with the Department for Culture, Media and Sport (DCMS) to create a government backed indemnity scheme. The pandemic had meant insurers were reluctant to provide sufficient cover for film and TV companies for issues such as paying out due to sickness delays or abandonment.
GAD modelled the likely cost of supporting the industry just for these COVID-19 related risks. Our work meant DCMS was able to formulate the scheme.
Economic analysis
The independent report into the Scheme was commissioned by the British Film Institute and carried out by Nordicity and Saffery Champness LLP.
Among its conclusions, the report found that the scheme:
- supported over 100,000 jobs on more than 1,000 productions including Gentleman Jack, His Dark Materials and Oscar-nominated film Living
- generated financial benefits which were 115 times greater than the cost of delivery
- created 48,500 full-time jobs both directly in the sector and indirectly through supply chains
- contributed £2.25 billion to the economy due to the jobs created and positive impact on the sectors’ supply chains and wider economy
Successful outcome
GAD actuary Jacqui Draper who led on the project for GAD said: “This evaluation of the impact of the Restart Scheme shows how our work was a key part in ensuring its success.
“We modelled the likely costs and provided support to the government as it set up the scheme.”