Can anything derail The King’s Speech?

On Baftas weekend, a look at this year’s blockbuster British film.

Last year's Baftas set the tone for the awards season, with five winners of top-tier awards – The Hurt Locker, Kathryn Bigelow, Christoph Waltz, Mo'Nique and Up – going on to glory at the Oscars.

This year, of course, the chatter is all about The King's Speech, which has 14 nominations. But, as the Independent's behind-the-scenes guide to the awards notes, it could suffer from having its votes split betwen the Best Film and Outstanding British Film awards.

The Independent article also offers an interesting analysis of why so few films get all the attention. (This year, it's The King's Speech, Black Swan, True Grit and The Social Network.) Although 207 films were entered in the various categories for the Baftas, the average number seen by the academy's 13,000 voters was 37. Understandably, most people don't have time to watch 400-plus hours of movies in the run-up to the awards, and so the films with the biggest marketing budgets and a critical head of steam benefit from their high visibility.

This year, that means that the top gongs at the Golden Globes were split between The King's Speech and The Social Network; the latter did better at the London Critics' Choice awards, beating the British film four to one. The Screen Actors Guild, meanwhile, gave Colin Firth and his film an award each, with Natalie Portman taking Best Actress and The Fighter the other two movie awards.

The other obvious trend during awards season is the bias against "commercial" films. As the Telegraph notes here, the Harry Potter franchise has had 23 Bafta nominations over the years but only one win (for production design). Similarly, last year's Oscar votes went to the determinedly small-scale Hurt Locker, rather than Avatar. (Say what you like about the blue aliens and the plot that was oddly reminiscent of Pocahontas, but James Cameron did invent a whole new type of film-making . . . )

Not that the Baftas are averse to films that happen to rake in the cash. The King's Speech is about to pass $200m worldwide at the box office, from a reported budget of £15m. (By comparison, The Social Network, with the advantages of a well-known writer and director and a subject that everyone has an opinion on, has taken $220m.)

The Guardian's Andrew Pulver and Xan Brooks report that the success of The King's Speech gives hope to the "lost middle" of the world film industry – movies that are neither giant money-hoovers nor tiny indie flicks. If so, a Bafta triumph would be a huge boost for a sector shaken by the scrapping of the UK Film Council.

The full list of Bafta nominees is here.

Helen Lewis is deputy editor of the New Statesman. She has presented BBC Radio 4’s Week in Westminster and is a regular panellist on BBC1’s Sunday Politics.

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There are risks as well as opportunities ahead for George Osborne

The Chancellor is in a tight spot, but expect his political wiles to be on full display, says Spencer Thompson.

The most significant fiscal event of this parliament will take place in late November, when the Chancellor presents the spending review setting out his plans for funding government departments over the next four years. This week, across Whitehall and up and down the country, ministers, lobbyists, advocacy groups and town halls are busily finalising their pitches ahead of Friday’s deadline for submissions to the review

It is difficult to overstate the challenge faced by the Chancellor. Under his current spending forecast and planned protections for the NHS, schools, defence and international aid spending, other areas of government will need to be cut by 16.4 per cent in real terms between 2015/16 and 2019/20. Focusing on services spending outside of protected areas, the cumulative cut will reach 26.5 per cent. Despite this, the Chancellor nonetheless has significant room for manoeuvre.

Firstly, under plans unveiled at the budget, the government intends to expand capital investment significantly in both 2018-19 and 2019-20. Over the last parliament capital spending was cut by around a quarter, but between now and 2019-20 it will grow by almost 20 per cent. How this growth in spending should be distributed across departments and between investment projects should be at the heart of the spending review.

In a paper published on Monday, we highlighted three urgent priorities for any additional capital spending: re-balancing transport investment away from London and the greater South East towards the North of England, a £2bn per year boost in public spending on housebuilding, and £1bn of extra investment per year in energy efficiency improvements for fuel-poor households.

Secondly, despite the tough fiscal environment, the Chancellor has the scope to fund a range of areas of policy in dire need of extra resources. These include social care, where rising costs at a time of falling resources are set to generate a severe funding squeeze for local government, 16-19 education, where many 6th-form and FE colleges are at risk of great financial difficulty, and funding a guaranteed paid job for young people in long-term unemployment. Our paper suggests a range of options for how to put these and other areas of policy on a sustainable funding footing.

There is a political angle to this as well. The Conservatives are keen to be seen as a party representing all working people, as shown by the "blue-collar Conservatism" agenda. In addition, the spending review offers the Conservative party the opportunity to return to ‘Compassionate Conservatism’ as a going concern.  If they are truly serious about being seen in this light, this should be reflected in a social investment agenda pursued through the spending review that promotes employment and secures a future for public services outside the NHS and schools.

This will come at a cost, however. In our paper, we show how the Chancellor could fund our package of proposed policies without increasing the pain on other areas of government, while remaining consistent with the government’s fiscal rules that require him to reach a surplus on overall government borrowing by 2019-20. We do not agree that the Government needs to reach a surplus in that year. But given this target wont be scrapped ahead of the spending review, we suggest that he should target a slightly lower surplus in 2019/20 of £7bn, with the deficit the year before being £2bn higher. In addition, we propose several revenue-raising measures in line with recent government tax policy that together would unlock an additional £5bn of resource for government departments.

Make no mistake, this will be a tough settlement for government departments and for public services. But the Chancellor does have a range of options open as he plans the upcoming spending review. Expect his reputation as a highly political Chancellor to be on full display.

Spencer Thompson is economic analyst at IPPR