TIGA backs PM's focus on knowledge-based and creative industries

UK games industry trade body TIGA has welcomed a speech by new UK prime minister David Cameron, in which the Tory leader called for a rebalancing of the UK economy and more support for knowledge-based and creative industries.

Speaking on Friday, Cameron commented: "Today our economy is heavily reliant on just a few industries and a few regions - particularly London and the South East... We are determined that should change."

"That doesn't mean picking winners but it does mean supporting growing industries - aerospace, pharmaceuticals, high-value manufacturing, hi-tech engineering, low carbon technology. And all the knowledge-based businesses including the creative industries", he added.

Although no creative industry was singled out by name the Conservatives had previously pledged tax breaks for the British games industry.

"TIGA welcomes the Prime Minister’s commitment to rebalance the UK economy and to support knowledge based businesses, including the creative sectors. The UK video games industry is precisely one of the sectors which the Government should support as part of a strategy to rebalance the economy," said TIGA CEO Richard Wilson.

"The games development sector is export oriented: on average 62 per cent of a UK developers’ turnover is generated through exports", added Wilson.

"The sector also provides employment throughout the UK. 85 per cent of the video games development’s workforce is employed outside of London," he continued.

"If the Coalition Government introduces a games tax relief in the budget on June 22, then the UK video games industry will be able to compete on a level playing field against our overseas rivals. Our sector will increase employment, expand investment and export more, generating further revenues for the exchequer," concluded Wilson.