The £3.1bn revenue generated by the British film industry last year far offset the £70m cost of direct tax relief, according to a study conducted by the consultancy firm Oxford Economic Forecasting. The report was seized on by the industry at a time when uncertainty over tax relief schemes has been blamed for scaring off foreign investors, resulting in the loss of 20% of UK film jobs during 2004. "This puts to rest any view that the British film industry is a luxury item," said Michael Grade, chairman of Pinewood Shepperton studios. "It is in fact a significant contributor to the UK economy."