Tynwald yesterday voted overwhelmingly in favour of plans to invest a major amount of money into Pinewood Film Studios.
£24 million pounds will be poured into the scheme securing Government a 19.9% share in Pinewood Shepperton, home to the Harry Potter and James Bond franchises.
The company would also be put in charge of the Island’s media development fund, upto now this had been the job of CinemaNX; which will now be wound up.
Of the handful of members who voted against the move they were concerned that they didn’t have enough information and feared such a high spend in the film industry is a high-risk strategy.
Treasury Minister Eddie Teare told 3FM that this is the culmination of a lot of hard work and pre-planning to ensure it’s the best possible step forward for the Island’s film industry.
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