This year is going to be another difficult one for indie filmmakers. At some point we're going to need to have a serious discussion about how we attract equity finance back to the sector.

We were always too reliant on public funders but now it's hard to see a viable way of financing a feature film (with any semblance of a budget) without them. That's a very small pot of money to be shared.

We need an uplift in the tax credit to 30-40% for indie films and we desperately need the reinstatement of SEIS/EIS for single projects, or another high-reward tax scheme to stimulate investment in production finance.

We need a system where producers and financiers are rewarded for their early risk, rather than left to last in line after exhibition, distribution and sales have creamed all the money off the top.

Without upside, producers can't reinvest in development and without seeing some way to profit, equity financiers will (rightly) move to other investments.