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Finance (No. 2) Bill

Well, the cut cost in excess of £300 million, and it is common sense that people do not change spending decisions based on a 2% difference. I shall move on, because time is running short and I wish to talk about two parts of the Bill. The first relates to the British film industry. The Bill contains a technical adjustment to film funding to allow more leeway in calculating the amount that is surrenderable for tax credit. That sounds complicated, but it is sensible. The real issue is the need for appreciation by this House of the film industry's economic contribution. I must confess to having a constituency involvement, in that Leavesden film studios, where much of ““Harry Potter”” was filmed, are in my constituency. The American company Warner Bros has announced that it is acquiring the site, and that there will be a big increase in employment. Hopefully those studios, as well as Pinewood, Elstree and many others, will continue their prosperity.