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UK film complex Crown Works Studios receives £37m in UK government funding |  News

UK film complex Crown Works Studios receives £37m in UK government funding | News

British Prime Minister Rishi Sunak and Chancellor Jeremy Hunt have confirmed £37 million in funding crownworks studios, In north-east England, it is set to be one of the largest film studio complexes in Europe.

The funding has unlocked a £450m investment from FulwellCain, a joint venture between UK-based film, TV and music company Fulwell 73 and investment firm Cain International, which is backed by Sunderland City Council.

Hunt said last week in the Spring Budget that over time, the government would provide up to £120 million for development.

The aim is to create 8,000 jobs in the region and generate £336 million in gross value added annually for the regional economy.

Last week, the government announced a deeper devolution agreement with the North East Municipal Combined Authority (NEMCA) as part of the Spring Budget, aiming to give local leaders the funding and tools to deliver local regeneration.

This includes £37 million in flexible funding to remediate affected sites and accelerate regional projects. NEMCA intends to use £25 million of this funding for the upcoming Crown Works Studios site.

Alongside this, the government is working to designate a specific “growth zone”, where local authorities in the north-east of the country will be able to retain 100% of business rates growth over the next 25 years, in exchange for continued local growth revenues. It has been rezoned, with plans from NEMCA to designate the prospective Crown Works Studios site as a “growth area”.

Leo Pearlman, managing partner at Fulwell 73, said: “Crown Works Studios will help transform Sunderland into a global hub for big-budget film and TV production – enabling the North East to play a leading role in our most exciting sector.” We will embark on a project that will ultimately bring an annual economic boost of £336 million to the North East – while enhancing UK studio capacity to help us remain globally competitive.

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Production in the Northeast increased by 28% in 2023 compared to the previous year.

The Northeast has been a filming location in Indiana Jones, Harry Potter a duck transformers Privileges.