Film 4's annual production budget pushed back up to $15m

UK broadcaster Channel 4 has increased the annual budget of its film production arm Film 4 from $12m (£8m) to $15m (£10m), effective immediately.

The 20% boost to Film 4’s budget returns the company’s investment capacity to its 2008 pre-economic downturn level.

The new budget follows the passing of the UK’s Digital Economy Act in April, which placed a legal commitment on Channel 4 to invest in film production.

Film 4’s current production slate includes Danny Boyle’s new feature 127 Hours, Pawel Pawlikoswki’s Woman In The Fifth and Paddy Considine’s feature debut Tyrannosaur. Its 2010 Cannes slate includes Mike Leigh’s Another Year and Hideo Nakata’s Chatroom.

Speaking at Film 4’s annual pre-Cannes reception on Tuesday night, Channel 4 Chief Executive David Abraham said, “Film4 embodies all that’s great about Channel 4’s place in our creative culture. For 28 years it has played a distinctive role in the British film industry and we are delighted that this has now been formally acknowledged in the update to Channel 4’s remit contained in the Digital Economy Act. Under my watch investment in British film will continue to sit at the heart of Channel 4’s public service mission.”

Tessa Ross, Controller of Film4 and Channel 4 Drama, added: “Film has always been in the DNA of Channel 4, but this added protection, through the extended remit, comes at a time when this significant part of our British culture is in particular need of protection. To be able to commit an extra £2 million each year to filmmakers and to work that we care about gives us all great hope for the future.”