TIGA, the trade association representing theUK games industry, said today that the latest growth forecasts from the
Organisation for Economic Cooperation and Development (OECD) confirmed the need
for the Government to adopt a more aggressive growth strategy.
In its latest economic outlook, the OECD
lowered its forecast for UK Gross Domestic Product growth this year to 1.4 per
cent – down from the 1.5 per cent that it had predicted in March. The OECD also
downgraded its growth forecast for 2012 to 1.8 per cent, rather than the 2 per
cent which it had previously predicted.
Dr.
Richard Wilson, TIGA CEO, commented:
“The OECD is now
forecasting a very weak recovery in comparison to previous economic recoveries.
Weak economic growth will make both job creation and the Government’s deficit
reduction plan harder.
“The Government
sensibly adopted some pro-growth policies in the March Budget, including
improvements to the R&D Tax Credits which TIGA had campaigned for. In the
light of the OECD’s figures, the Government now needs to intensify its
pro-growth strategy.
“The Government
should expand the scope of the R&D Tax Credits so that games businesses and
firms in other sectors can claim for the cost of rents and rates, IP protection
costs and design costs. The Government
should also look again at TIGA’s Games Tax Relief. Overseas experience
demonstrates that a tax break for games production will create high skilled
jobs in an export oriented industry. TIGA will continue to make the case to the
Government to adopt measures to support growth in the games industry and so
benefit the wider economy. We will also continue to refine our proposed Games
Tax Relief in order to make it still more effective.””
-Ends-
Notes
to editors:
About
TIGA:
TIGA is the trade association representing the UK’s games industry.The
majority of our members are either independent games developers or in-house
publisher owned developers.We also have games publishers, outsourcing
companies, technology businesses and universities amongst our membership. TIGA
was awarded ‘Trade Association of the Year’ and the ‘Member Recruitment Award’
at the Trade Association Forum Best Practice Awards 2010. TIGA has also been
named as a finalist in the 2010 Chartered Management Institute (CMI) National
Management and Leadership Awards in the category of ‘The Outstanding
Organisation of the Year Award (SME)’. TIGA is an Investors in People
organisation.
TIGA’s
vision is to make the UK the best place in the world to do games
business. We focus on three sets of activities: political representation,
generating media coverage and developing services that enhance the
competitiveness of our members. This means that TIGA members are
effectively represented in the corridors of power, their voice is heard in the
media and they receive benefits that make a material difference to their
businesses, including a reduction in costs and improved commercial
opportunities.
For
further information, please contact Dr Richard Wilson, TIGA CEO on 07875939643:
or email richard.wilson@tiga.org; or contact David Hodges on 02070911653