The British Film Institute, known chiefly as the group that stages the London Film Festival each year, has been named by the British government to take over much of the work of the U.K. Film Council, which has been axed as a cost-cutting move. It will now be responsible for doling out funds to British producers from a nearly $25-million national lottery fund. Meanwhile, Film London has been given the job of attracting Hollywood producers and other overseas moviemakers to film in the U.K. In a statement, Film London chief Adrian Wooton said that the government's decision "demonstrates its understanding of how important a strong, vibrant and busy film production industry is in creating employment opportunities in the UK and making a significant contribution to the country's economy." The government's move was also welcomed by Ivan Dunleavy, head of Pinewood Shepperton -- Britain's largest studio complex. "The private/public partnership that is being put forward," said Dunleavy, will "build on the U.K.'s already impressive system of film tax relief, its skills and its infrastructure to attract increased levels of inward investment films."