Pinewood Studios: Business Case and Economic Impact Assessment
Pinewood Studios: Business Case and Economic Impact Assessment
Pinewood Studios: Business Case and Economic Impact Assessment
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<strong>Pinewood</strong> <strong>Studios</strong> Ltd<strong>Pinewood</strong> <strong>Studios</strong>: <strong>Business</strong> <strong>Case</strong> <strong>and</strong> <strong>Economic</strong> <strong>Impact</strong> <strong>Assessment</strong>January 20134 <strong>Economic</strong> impacts <strong>and</strong> contribution to policyobjectives4.1 Introduction4.1.1 The PSDF will generate a range of significant benefits for the local <strong>and</strong> wider UK economy. Inmany cases these impacts are difficult to quantify with any certainty. Consequently, this impactassessment initially considers the broad economic contribution that <strong>Pinewood</strong> <strong>and</strong>, inparticular, the PSDF will make to the UK. It then goes on to assess the more narrowly definedquantified economic impacts of the existing studios <strong>and</strong> the PSDF. These estimates areconsidered to be cautious <strong>and</strong> to understate the full impact of the proposed project.4.1.2 The narrow economic impact assessment focuses upon the anticipated employment <strong>and</strong>economic impact at the local authority, parliamentary constituency, Local EnterprisePartnership (LEP) <strong>and</strong> UK level. It considers the scale of both the gross <strong>and</strong> net additionalbenefits at each of these spatial levels. This section also assesses the extent to which the PSDFwill contribute to the delivery of policy objectives.4.2 <strong>Economic</strong> contribution of <strong>Pinewood</strong> <strong>and</strong> the PSDF4.2.1 Contribution to the UK economy4.2.1.1 The core film industry 37 alone makes a substantial contribution to the UK economy <strong>and</strong> PSL is anessential component of this industry. London <strong>and</strong> adjoining areas have established themselvesas a global centre or cluster for film <strong>and</strong> screen-based industries. The area has a significantdepth of skilled crew <strong>and</strong> specialists, including, for example, in visual effects <strong>and</strong> postproduction. <strong>Pinewood</strong>, <strong>and</strong> its constituent facilities, is at the heart of this global centre.<strong>Pinewood</strong> is the premier br<strong>and</strong> <strong>and</strong> attracts substantial investment to the UK. Without<strong>Pinewood</strong> other facilities within the wider cluster would be expected to underperform or fail.4.2.1.2 The core UK film industry is estimated directly to generate 43,900 full-time equivalent (FTE)jobs, contributing £1.6 billion to national Gross Domestic Product (GDP), making it, inemployment terms, larger than fund management <strong>and</strong> the pharmaceutical sector. If the coreUK film industry’s procurement, spending effects from those directly <strong>and</strong> indirectly employed<strong>and</strong> its contribution to UK tourism, trade <strong>and</strong> merch<strong>and</strong>ise sales are taken into account, it isestimated that overall the core UK film industry supports a total of 117,400 FTE jobs, generatingover £4.6 billion of GDP. 384.2.1.3 Table 4.1 <strong>and</strong> the subsequent sub-sections set out the findings of Oxford <strong>Economic</strong>s’ report oncontribution of the core UK film industry to GDP, employment <strong>and</strong> tax revenues.37The core UK film industry includes companies <strong>and</strong> individuals involved in all film production in the UK, but only includes the activities inthe distribution <strong>and</strong> exhibition sector associated with UK-made films.38Source: Oxford <strong>Economic</strong>s (September 2012), The <strong>Economic</strong> <strong>Impact</strong> of the UK Film Industry.33
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