The current settlement runs down in March.
The studio backed by Fulwell is already planned to cost around 450M andplans were greenlit earlier this year.
It is expected to create around 8,000 jobs in the region.
Keir Starmer (left) and Rachel ReevesHollie Adams - WPA Pool/Getty Images
Low expectations
Prior to the budget, hopes for sweeteners in the film and TV world had been low.
The budget is broadly seen to be one of the most important in decades in the UK.
It includes an industrial strategy, minimum wage hike and investment in clean energy.
Ive said there will be no return to austerity and that is the choice that Ive made today.
Conservative leader and former Prime Minister Rishi Sunak responded to Reeves for the final time in parliament.
