EXCLUSIVE: Vadim Jean directing British comedy with the Fraiser star.

Principal photography has begun in London on independent British comedy Breaking the Bank, starring Kelsey Grammer (Frasier, X-Men).

The film, which plays out against the backdrop of the financial crisis, is directed by Vadim Jean, best known for 1992 comedy Leon the Pig Farmer and fantasy TV movies Hogfather and The Colour of Magic. The script has been written by ex-banker Roger Devlin, who has also provided “substantial finance” to the project.

The story centres on Charles Bunbury (Grammer), the bumbling, affable chairman of 200- year-old bank, Tuftons. Discovering that a rogue trader has left the bank in serious financial trouble - with rival US and Japanese banks circling - Charles needs to attempt to secure Tuftons future. The only problem is Charles knows nothing about banking.

The cast also includes Episodes star Tamsin Greig as Charles’ frustrated wife; Gavin & Stacey’s Mathew Horne as Charles’ right hand man; and Andrew Sachs, best known for his role as Manuel in classic comedy series Fawlty Towers.

Other cast includes John Michael Higgins (Bad Teacher) and Sonya Cassidy (The Fifth Estate).

The project is produced by Jake Seal.

Filming will take place on location in London and at Black Hangar Studios, a new bespoke studio complex in the UK.