The Film Council was set up with the promise to fund fewer films better. The National Lottery had pumped millions into film production but few movies proved to be box office successes and little money was ever recouped.
Harry Potter and the Philosopher's Stone was released in 2001 and become a global hit. The money was American but the stars, setting and source material was British.
In July 2002 Channel 4 announced it was closing film arm Film Four, after failing to establish itself as a profit-making independent film company.