UK TV and filmmakers earn almost £1bn annually selling their shows country-by-country to European broadcasters, earning a fee for licensing a programme in each territory.
Europe is the second-biggest market for UK TV exports – only North America is bigger – worth well in excess of £400m in sales annually.
A further £500m of the £2bn British global film exports annually are accounted for by sales across Europe.
The MPs argue that if this overseas sales revenue is lost it will mean far fewer top quality British TV shows and films being made, and will threaten tens of thousands jobs.