TIGA, the trade association representing the UK games industry, said today that the Government should pursue a strategy to re-balance the UK economy, reducing our dependence on financial services and promoting sectors with potential, such as the creative industries, which include the video games sector. Richard Wilson, CEO of TIGA, made the proposal in a speech at the Westminster Forum today, where he shared a platform with speakers including Ed Vaizey MP, Shadow Minister for Culture and the Creative Industries, and the Rt Hon Keith Vaz MP, Chairman of the Home Affairs Select Committee.
Richard Wilson, CEO of TIGA, said:
“The UK economy became unbalanced and overly dependent on financial services during the last decade. A quarter of corporate taxation came from the financial sector alone. This left the UK especially vulnerable to the downturn in financial services.
“We cannot afford to put all of our eggs into one basket. We need a strategy to promote economic growth, one in which a variety of sectors play a part. This is the best way for the UK to recover from the recession, to reduce the budget deficit and to create more sustainable economic growth in the future.
“The creative industries have potential to make an important contribution to the UK economy. They already account for 7.3 per cent of all UK businesses, provide 2 million jobs, and have grown faster than the economy as a whole between 1997 and 2006.
“The video games industry is a crucial part of the creative industries with a significant potential to generate IP and to contribute to economic growth. The Government can ensure that the video game sector makes an increasingly strong contribution to UK prosperity through tax and education measures. On tax we need to keep the overall tax burden on business low, retain and build on R&D tax credits and above all, introduce Games Tax Relief. On education, we need to increase expenditure on higher education and incentivise the study of mathematics and computer science at university to ensure that the UK remains a leading knowledge economy and to provide games businesses and others with a strong supply of highly educated graduates.””
Notes to editors:
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 outsourcing companies, technology businesses and universities amongst our membership.
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: 0845 0941095; Mob: 07875 939643; or Email: firstname.lastname@example.org, or, Eva Field, TIGA PR Manager on: 07814 039 983, or email email@example.com.