Osborne praised for creative industry boost

Chancellor George Osborne’s showpiece announcements for the UK’s creative industries have been welcomed, mainly for their potential to rebalance the economy away from an over-reliance on the City.

TIGA, which represents the UK video games industry, said the commitment in the Autumn Statement to introduce a 25% tax relief for games development, animation and high-end TV would provide a “powerful boost.”

The group also hailed Mr Osborne’s decision to provide match funding for training and development for the creative industries, although it emphasised the need for management and leadership development as well.

"Tax breaks… will contribute to a rebalancing of the UK economy away from an over-reliance on public sector employment and financial services towards highly skilled, export focused industries,” said Dr Richard Wilson, TIGA chief executive.

 “The provision of match funding for training and development in the creative industries could enhance productivity. It could also help to promote more sustainable companies, particularly if managers from small and medium-sized enterprises can draw on the funds to develop the vital business and strategic skills necessary for achieving sustained growth.”

Tempering his optimism, Mr Wilson said that, in relation to tax breaks, the UK would need to “monitor” its rivals, as the province of Quebec in Canada already offers a 37.5% level of tax relief.

 

9th December 2012

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