The UK Film Council has announced plans for an annual fund for the development of new movies, worth £15m.

The funds will be available to both established and emerging talent, the organisation has said.

A new national web-based talent pool has been proposed for the homegrown film industry, which could uncover the next big star of UK cinema.

The Film Council made its new proposal after its long-term budget was slimmed down by £25m.

The organisation’s new financial plans have also allocated £5m to an innovation fund, which will be announced later in the year.

Money to help the export of UK films abroad, amounting to £500,00 each year, has also been secured.

Tim Bevan, chairman of the UK Film Council, said it had a “renewed mission” and “a new set of priorities”.

“With the right level of support, a successful British film industry can continue to help get the UK out of recession, drive innovation and create more highly-skilled jobs.”

But Mr Bevan admitted that “further tough choices lie ahead” after the Film Council substantially cut running costs.

The film fund has opened to new applications from today, while more details about the talent pool will be released later in the year.

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