International Trade Secretary Dr Liam Fox MP has set out how the government will boost UK exports through better use of its overseas network, new online tools and building an extensive business to business network.
Last year £620 billion of goods and services exported by British companies accounted for 30% of our GDP, with UK exports are at a record high. However, the Department for International Trade estimates that 400,000 businesses believe they could export but do not.
Fox has set out the government’s long-term ambition to go further and increase total exports as a proportion of GDP to 35 per cent. The new Export Strategy outlines how the government will produce smarter and more tailored support to UK companies.
There are key elements to the strategy to support companies selling overseas:
- encourage and inspire more businesses to export
- inform businesses by providing information, advice and practical assistance on exporting
- connect UK businesses to overseas buyers, markets and each other
- ensuring that businesses take full advantage of the £50 billion worth of export finance and insurance support from UK Export Finance
In order to boost exports in the video games industry, TIGA has called on the Government to introduce a Games Investment Fund (GIF). A GIF would make grants or loans available to games businesses on a matched funding basis. The GIF would provide funding of between £75,000 and £500,000 to games developers nationwide.
Funding between £75,000 and £100,000 would be delivered as grants, while soft loans above £100,000 would be matched pound for pound to ensure that games companies can find new investment from other sources.
Dr Richard Wilson OBE, Chief Executive Officer of TIGA, said:
“We welcome the Government’s new export strategy and its desire to enhance the UK’s export performance. Increasing total exports as a proportion of UK GDP to 35 per cent will be challenging.
“The creative and high technology industries, including the video games industry, have the potential to contribute further to UK exports. The video games industry is export-intensive, with 95 per cent of UK developers exporting at least some games.
“In order to go further in boosting our sector’s exports, we are calling for the Government to introduce a Games Investment Fund, which would help studios access finance, develop new Intellectual Property, and further increase the global competitiveness of the sector.
“It is also critically important that the UK Government retains and potentially enhances Video Games Tax Relief, a measure that effectively reduces the cost of games development. This important tax measure enables UK businesses to grow, expand and export their content around the world.”
The full export strategy can be found here