Skyrocketing Costs Hit U.K. TV Industry: ‘We Are Facing a Horrific Winter,’ Pact Chief Says
K.J. Yossman With inflation hitting record levels, a looming energy crisis and rising interest rates, the whole of the U.K. has been left reeling. But for the domestic television industry, which was already dealing with a post-COVID skills shortage and industry-wide inflation prompted by the streaming wars, the situation has now become critical. “We are facing a horrific winter,” said John McVey, CEO of Pact, a trade body representing producers. “Borrowing costs have gone up massively, operational costs as a consequence of that have all gone up, gas has gone up, heat has gone up. If you’re having to film on location in multiple locations around the U.K., and you have to transport a lot of people, they have to be fed, watered, accommodated.”