Microwave, U.K. Film Focus, Production Finance Market to continue

Film London, the U.K. capital’s film and media agency, has had its annual funding from the Mayor of London’s office cut by 22% to £1.3 million ($2.1 million) for 2011-12.

Despite the cut, Film London CEO Adrian Wootton said it was “fantastic news,” coming at a time when the government is making bigger cuts in funding elsewhere.

Film London will still be able to deliver initiatives such as its micro-budget filmmaking scheme Microwave, the London U.K. Film Focus, which supports export of Brit pics, and the Production Finance Market, which connects financers and producers. As of April 1, Film London will be responsible for managing Blighty’s remit for inward investment — a duty that fell under the shuttered U.K. Film Council’s responsibility — through a public/private partnership.

Funded by the government’s Dept. for Culture, Media and Sport through the British Film Institute, which is taking over the lion’s share of the UKFC’s responsibilities, this will be nationally branded and have a separate advisory board.

Follow @Variety on Twitter for breaking news, reviews and more