Source · Select Committees · Culture, Media and Sport Committee
Recommendation 21
21
Accepted in Part
Government lacks understanding of future studio space needs and business rates impact.
Conclusion
It is concerning that the Government does not know how much additional studio space the UK will need to support both inward investment and domestic production in the years ahead. Recent business rates revaluations also risked devastating inward investment in studios across England and Wales. That must not happen again. The 40% relief for film studios is welcome, but temporary. (Conclusion, Paragraph 80)
Government Response Summary
The government addresses concerns about business rates by highlighting a 40% reduction for eligible film studios until 2034, and stating it will publish an interim report on business rates reform this summer with further details by Autumn Budget 2025.
Government Response
Accepted in Part
HM Government
Accepted in Part
The government is transforming business rates over the course of this Parliament, co-designing a fairer system with stakeholders including those in the creative sectors. We have already introduced a 40% reduction on business rates for eligible film studios in England until 2034. We are also supporting cinemas and other creative industries venues through permanently lower business rates multipliers for Retail, Hospitality and Leisure premises with rateable values under £500,000 from 2026/27. In the summer, the government will publish an interim report that sets out a clear direction of travel for the business rates system, with further policy detail to follow at Autumn Budget 2025.