The UK voted this week to exit the European Union, and this decision has already had a negative impact on the country's finances, with the value of the pound against the dollar dropping by nearly 10 percent. And according to Michael Ryan, chairman of the Independent Film and Television Alliance, it's going to have a particularly devastating effect on the entertainment industry.
"The decision to exit the European Union is a major blow to the U.K. film and TV industry,” he told Variety. "Producing films and television programs is a very expensive and very risky business and certainty about the rules affecting the business is a must."
He said the UK's relationships with others members of the industry is now up in the air, and the possibility exists that its movies and shows could lose tax revenue. He also mentioned that the industry relies on funding from different agencies throughout the rest of Europe that will now be more difficult to obtain. For example, the European Regional Development Fund helped support the shooting of Game of Thrones in Northern Ireland, according to the BBC.
For similar reasons, members of the British entertainment industry, including Jude Law and Keira Knightley, signed a letter calling for the UK to remain in the EU, according to the BBC. "Leaving Europe would be a leap into the unknown for millions of people across the UK who work in the creative industries, and for the millions more at home and abroad who benefit from the growth and vibrancy of Britain's cultural sector," the letter read. "We believe that being part of the EU bolsters Britain's leading role on the world stage. Let's not become an outsider shouting from the wings."
The Independent Film and Television Alliance did not immediately return Complex's request for comment.
