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While festivals reward creative merit, Baftas and Oscars, enjoying the benefit of hindsight, normally reward creative merit that translated to box office.
It's because members of the industry vote and they know that money keeps the lights on. If inward investment goes away it won't create a space for domestic films, just a plunge in PAYE yield.
We have a better chance of making creatively and commercially successful British films while the Hollywood 3-ring circus stays in town.