In its latest economic outlook, the OECD lowered its forecast for UK Gross Domestic Product growth this year to 1.4 per cent– down from the 1.5 per cent that it had predicted in March. The OECD also downgraded its growth forecast for 2012 to 1.8 per cent, rather than the 2 per cent which it had previously predicted.
Dr. Richard Wilson, TIGA CEO, commented:
“The OECD is now forecasting a very weak recovery in comparison to previous economic recoveries. Weak economic growth will make both job creation and the Government’s deficit reduction plan harder.
“The Government sensibly adopted some pro-growth policies in the March Budget, including improvements to the R&D Tax Credits which TIGA had campaigned for. In the light of the OECD’s figures, the Government now needs to intensify its pro-growth strategy.
“The Government should expand the scope of the R&D Tax Credits so that games businesses and firms in other sectors can claim for the cost of rents and rates, IP protection costs and design costs. The Government should also look again at TIGA’s Games Tax Relief. Overseas experience demonstrates that a tax break for games production will create high skilled jobs in an export oriented industry. TIGA will continue to make the case to the Government to adopt measures to support growth in the games industry and so benefit the wider economy. We will also continue to refine our proposed Games Tax Relief in order to make it still more effective.”
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 games publishers, outsourcing companies, technology businesses and universities amongst our membership. TIGA was awarded‘Trade Association of the Year’ and the‘Member Recruitment Award’ at the Trade Association Forum Best Practice Awards 2010. TIGA has also been named as a finalist in the 2010 Chartered Management Institute (CMI) National Management and Leadership Awards in the category of‘The Outstanding Organisation of the Year Award (SME)’. TIGA is an Investors in People organisation.
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 07875939643: or email email@example.com ; or contact David Hodges on 02070911653