Michael Ryan, the chairman of the Independent Film and Television Alliance, and a partner at GFM Films, has expressed his dismay following the decision by U.K. voters to leave the European Union, and said it is likely to be “devastating” for the U.K. creative sector, including the film and TV industry.

“The decision to exit the European Union is a major blow to the U.K. film and TV industry,” he said in a statement Friday. “Producing films and television programs is a very expensive and very risky business and certainty about the rules affecting the business is a must.”

He added: “This decision has just blown up our foundation — as of today, we no longer know how our relationships with co-producers, financiers and distributors will work, whether new taxes will be dropped on our activities in the rest of Europe or how production financing is going to be raised without any input from European funding agencies.

“The U.K. creative sector has been a strong and vibrant contributor to the economy — this is likely to be devastating for us.”