The British government has announced a £500m ($647m) emergency insurance fund to help domestic television and film companies restart productions.
This move was initiated as the production companies tried to get back to work and were struggling to get insurance cover for the coronavirus pandemic which is essential to secure financing.
A news report by Reuters said the insurance fund will be available to all productions made by companies where at least half the production budget is spent in the UK and is estimated to cover more than 70% of the film and TV production market.
All shoots were shut down abruptly in March when the government imposed a lockdown to curb the spread of COVID-19.
Britain’s culture minister Oliver Dowden said, “From award-winning dramas, to iconic comedies and revered documentaries, the UK makes the films and TV shows the world can’t wait to watch. Today’s announcement means more clapperboards snapping into action.”
The decision comes after months of discussions with the TV and film industry and was warmly welcomed by it.
British Film Institute chief executive Ben Roberts said, “The issue of securing coronavirus-related insurance quickly emerged as the biggest hurdle for independent producers.”
Mr Roberts described the new fund as “really great news for our production business, jobs and for the economy.”