FOR IMMEDIATE RELEASE: TIGA, the trade association representing the UK video games industry, has delivered its Spring Budget submission to the Rt Hon Jeremy Hunt MP, Chancellor of the Exchequer.
Within the submission, TIGA has included the following key policies:
- An increase in the Video Games Expenditure Credit rate from 34 to 39 per cent of qualifying expenditure.
- The establishment of a Video Games Investment Fund to provide pound-for-pound match funding of between £150,000 and £500,000 to games developers throughout the UK.
- The UK Games Fund should continue to receive support. The Fund offers grants of up to £25,000 to businesses looking to build game prototypes and a Content Fund.
TIGA has also set out a programme of measures to enhance skills in the industry. This follows the publication late last year of the TIGA Skills Report 2023 which highlighted the impact on business by the skills shortages and gaps in UK games development [LINK - https://tiga.org/news/thwarting-growth-delaying-new-releases-more-the-impact-of-game-development-skills-shortages-in-the-uk].
Dr Richard Wilson OBE, CEO of TIGA, said:
“TIGA is raising the concerns and priorities of the UK video games industry with HM Treasury ahead of the Spring Statement, calling for a number key policies to drive growth in the sector.
“Raising the rate of VGEC will accelerate the sector’s growth, create more jobs and boost investment. The average annual growth from the date when companies could claim VGTR in 2014 until April 2023 has been 9 per cent. Accordingly, we can expect that an increase in the rate of VGEC from 34 to 39 per cent will stimulate investment and job growth in the games development sector. It will also help ensure that the UK remains an attractive destination for foreign direct investment in the video games industry.
“The establishment of a Video Games Investment Fund to provide pound-for-pound match funding of between £150,000 and £500,000 to games developers throughout the UK would help provide developers with access to the capital needed to grow and innovate, creating new games and expanding their businesses.
Jason Kingsley CBE, TIGA Chairman and Creative Director at Rebellion, added:
“Our other key policies - supporting talent, creativity, entrepreneurship, education, training and recruitment – will also support growth in our industry and wider economy. We hope that the Rt Hon Jeremy Hunt MP, Chancellor of the Exchequer, will recognise the potential of our sector and support TIGA’s policies to grow the UK video games development sector.”
ENDS
About TIGA
TIGA is the trade association for the UK video games industry. TIGA’s vision is to make the UK the best place in the world to develop video games. To this end, TIGA:
- engages with policymakers to create an environment favourable to video games development;
- enhances education and skills through our accreditation programme, the TIGA Games Education Awards and our education conference;
- promotes best practice through our membership services, including the TIGA STAR Employer Award and the TIGA Games Industry Awards;
- conducts primary research into the games sector, surveying hundreds of companies each year about the business environment, support policies and the health of the industry.
Get in touch:
Email: info@tiga.org
Web: www.tiga.org
Twitter: www.twitter.com/tigamovement
Facebook: www.facebook.com/TIGAMovement
LinkedIn: http://www.linkedin.com/company/tiga