TIGA, the trade association representing the UK games industry, today welcomed comments by Paul Krugman, the Nobel Prize winning economist and New York Times columnist, supporting a tax break for games production.
Krugman, writing in this month’s Esquire magazine, noted that: “Innovation hotspots that occur accidentally – as has happened in Dundee, where Abertay University’s unorthodox technology courses spawned a booming video games industry – can fizzle out if they are not incubated. By spotting the spillover elements that give rise to such sectors, and helping them with tax breaks and targeted funding, the British Government could seed many industrial communities for relatively little outlay,””
Richard Wilson, CEO of TIGA, said:
“An increasing number of respected independent commentators and organisations are beginning to back TIGA’s proposed Games Tax Relief: NESTA, the University of Abertay and now the Nobel Prize winning economist, Paul Krugman.
“The Government needs to promote economic sectors with the potential to create highly skilled, well paid jobs, which have the capacity to support an export led economic revival. The UK video games sector fits this bill. If the Government adopts the right policy mix towards the video games industry then it will achieve a positive impact at relatively little cost. TIGA’s proposed Games Tax Relief is expected to create or save 3,550 graduate level jobs (or the vocational equivalent), increase or safeguard £457 million in development expenditure and secure £415 million in new and saved tax receipts over five years. The outlay for the Government is anticipated to be £192 million over the same period. It is not necessary to have a Nobel Prize in economics to know that this policy makes sense.””
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 Eva Field, TIGA PR Manager on: 07814 039 983, or email email@example.com.