City Hall has stepped in to provide funding for a key Film London initiative after the European Union “unexpectedly” rejected a funding bid.
The capital’s official film agency hosts an annual Production Finance Market which connects British filmmakers and projects with vital financing partners.
Over the last nine years over 100 films have secured funding though the market, generating millions of pounds of business for the capital and its creative sector.
However, despite its proven success, EU officials blocked a request for funding to stage the market even though the Union’s cultural arm has supported it since 2009.
That decision threatened the viability of this year’s event and risked damaging the prospects of dozens of films which can create jobs in the capital and support its wider creative and tourism industries.
Brussels’ decision has forced Mayor Sadiq Khan to provide emergency funding of £50,000, which will be used alongside funding from the British Film Institute and Department for Investment and Trade, to ensure the event can go-ahead.