TIGA Praises UK Spending Review, Stresses Need for Games Fund
▼ Summary
– TIGA praised the UK government’s spending review for its commitment to increased funding for the creative industries, calling it “encouraging.”
– The spending review designated the creative industries as one of eight key growth sectors, with plans for regional development and innovation support.
– TIGA highlighted the importance of upcoming policies in the Creative Industries Sector Plan and Industrial Strategy White Paper for the sector’s growth.
– TIGA’s CEO emphasized the need to enhance the Video Games Expenditure Credit (VGEC) to boost investment and job creation in the UK games industry.
– TIGA proposed specific reforms to the VGEC, including rate increases and an Independent Games Tax Credit, to maintain the UK’s global competitiveness in game development.
The UK government’s latest spending review has drawn praise from trade association TIGA, which welcomed increased funding commitments for the creative sector while calling for further support specifically targeting video game development. The organization highlighted the strategic importance of maintaining Britain’s competitive edge in global game production through targeted financial incentives.
Chancellor Rachel Reeves’ June 11 announcement outlined substantial investment boosts aimed at regional development, innovation, and creative infrastructure. With the creative industries identified as one of eight key growth sectors, the plan signals stronger governmental backing for areas like film, music, and gaming. TIGA described the move as promising but stressed that concrete policies, particularly those detailed in upcoming sector plans, will determine real impact.
Dr. Richard Wilson OBE, TIGA’s CEO, noted additional positives in the review, including capital investment programs and education funding. However, he emphasized that the games industry’s priorities lie with potential adjustments to the Video Games Expenditure Credit (VGEC) in the Autumn Budget. Proposed enhancements could include raising the credit rate from 34% to 39%, expanding qualifying expenditure thresholds, or introducing a new Independent Games Tax Credit mirroring existing film industry benefits.
Such measures, Wilson argued, would directly stimulate job creation, attract investment, and reinforce the UK’s position as a hub for game development. The suggested reforms align with TIGA’s broader push to nurture regional gaming clusters and support smaller studios through initiatives like the UK Games Fund. Earlier in 2024, the organization expanded its leadership team, appointing four new board members to strengthen advocacy efforts across the industry.
While optimistic about current commitments, TIGA’s response underscores the need for tailored fiscal policies to ensure long-term growth in a sector contributing significantly to both cultural exports and technological innovation. The coming months will reveal whether these proposals gain traction as part of the government’s wider industrial strategy.
(Source: Games Industry)
