TIGA, the trade body representing the UK video games industry, has delivered its Spring Budget submission to the Rt Hon Jeremy Hunt MP, Chancellor of the Exchequer, as it looks to drive further growth in the sector.
Within the submission, TIGA has included the following key policies:
- An increase in the Video Games Expenditure Credit rate from 34 to 39% of qualifying expenditure
- The establishment of a Video Games Investment Fund to provide pound-for-pound match funding of between £150,000 and £500,000 to games developers throughout the UK.
- The UK Games Fund should continue to receive support – the fund offers grants of up to £25,000 to businesses looking to build game prototypes and a Content Fund.
TIGA has also set out a programme of measures to enhance skills in the industry. This follows the publication late last year of the TIGA Skills Report 2023 which highlighted the impact on business by the skills shortages and gaps in UK games development.
“TIGA is raising the concerns and priorities of the UK video games industry with HM Treasury ahead of the Spring Statement, calling for a number key policies to drive growth in the sector,” commented Dr Richard Wilson OBE, ceo of TIGA. “Raising the rate of VGEC will accelerate the sector’s growth, create more jobs and boost investment. The average annual growth from the date when companies could claim VGTR in 2014 until April 2023 has been 9%. Accordingly, we can expect that an increase in the rate of VGEC from 34 to 39% will stimulate investment and job growth in the games development sector. It will also help ensure that the UK remains an attractive destination for foreign direct investment in the video games industry.”
Dr Wilson continued: “The establishment of a Video Games Investment Fund to provide pound-for-pound match funding of between £150,000 and £500,000 to games developers throughout the UK would help provide developers with access to the capital needed to grow and innovate, creating new games and expanding their businesses.”
Jason Kingsley CBE, TIGA chairman and creative director at Rebellion, added: “Our other key policies – supporting talent, creativity, entrepreneurship, education, training and recruitment – will also support growth in our industry and wider economy. We hope that the Rt Hon Jeremy Hunt MP, Chancellor of the Exchequer, will recognise the potential of our sector and support TIGA’s policies to grow the UK video games development sector.”
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