November 28, 2016

In response to the Autumn Statement from the Chancellor of the Exchequer, TIGA, the trade association representing the video games industry, is calling for increased support from the Government for the UK games industry.

TIGA’s proposed measures include the introduction of a Games Investment Fund, which would enable better access to finance, stimulate new content development and IP generation. It could also make grants or loans available to games businesses on a pound for pound, matched funding basis, and could be financed either via the National Lottery or through Grant-in-Aid money from the Government.

Earlier this month, TIGA made eight proposals to drive the UK video games industry forward, which, in addition to the Games Investment Fund, also include retaining and ideally increasing the rate of Games Tax Relief, increasing the rates of Research and Development Tax Relief, and maintaining the UK Games Fund which provides valuable prototype funding for small games businesses.

Dr Richard Wilson, CEO at TIGA, said: “As the UK approaches Brexit, the UK Government should back industries like the video games sector which are productive, export focused and which provide high skilled employment. TIGA supports the Government’s intention of maintaining a competitive tax system and investing £2bn in R&D. Yet this means that the Government must maintain a competitive rate of corporation tax and continue – and potentially enhance – Games Tax Relief and R&D Tax Relief. We also strongly support the increased investment in infrastructure – including a ‘gold standard’ broadband internet. The UK’s infrastructure is the Achilles’ heel of the economy. Much still remains to be done on this front”.

Jason Kingsley OBE, Chair of TIGA and CEO at Rebellion, said: “The powerful technological advances of virtual reality and a new generation of consoles – including the Nintendo Switch and the new PS4 – are offering unique creative territory for UK developers to grow into. With continued investment and support from the Government, we can expect to see continued growth for the games industry at a potentially difficult time for business”. To read TIGA’s press release in full, click here.