Wednesday 22 June 2022
The Committee for Economic Development held a further meeting with the producers of the Toilers of the Sea film project on the 8th June, to discuss the producers' request for an investment of public funds of between £500,000 and £2 million as a contribution towards the production costs of the film.
The Committee met on 21st June and considered the producers' formal request and has agreed that its position is unchanged. Like any investment, financing a film has risks and commercial success is not guaranteed. Members expressed the view that, as custodians of taxpayers' money, they would not feel comfortable financing a film when there is no guarantee of a return on the investment.
In addition, given the current pressures on government finances and the fact that this is not an identified priority in the Government Work Plan, members felt that it would not be appropriate to provide investment finance in a film, over and above funding other Government priorities that have already been identified.
The Committee wishes the producers success with the project but remains of the view that the producers should approach private or corporate investors to provide the required investment finance, as stated in the Committee's previous letter of 12th February 2021.
The Committee has reaffirmed its previous offer that, if the film is made in the Bailiwick of Guernsey, it will provide logistical support to enable the filming and will liaise with other Committees or Authorities, for example, to ensure access to key sites for filming such as Castle Cornet.
The President has today written to the producers to confirm the Committee for Economic Development's final decision.