The British film industry was sent reeling this week with Culture Secretary Jeremy Hunt's announcement that the UK Film Council is to be disbanded.

Created in 2000, the Council has invested over £160 million of Lottery funding into more than 900 films in its time, including big hits like Bend It Like Beckham, Gosford Park, The Constant Gardener and The Last King of Scotland.

The largest of UK quangos to fall foul of the Coalition Government's dramatic cost-cutting, the announcement triggered much vocal response from the filmmaking community. Celebrated British director Mike Leigh described that the axing of the Film Council as "very shocking indeed", while on Twitter, comic genius Armando Iannucci – @Aiannucci – was a little more blunt, tweeting; "It made UK a gargantuan load of money. They're wangpots."

Hunt defended his decision by arguing the axing of the UK Film Council would enable a more direct relationship between Government and the British Film Institute. The Department for Culture Media and Sport tried to further allay concerns, stating that: "Culture and creative industries will not be singled out as a soft target and that the government will champion the value they bring."

We watch and wait.