The UK’s top business lobbying organisation, CBI has released a report outlining the importance of protecting the UK’s creative industries, especially during the recession.
The CBI report believes the UK’s creative sector could potentially play a vital role in stabilising the economy and provide significantly to the growth of the UK’s economy.
The report suggests the creative industries’ “economic importance is significant but often underestimated” and that it produces between six to eight per cent of UK output, the equivalent of over £16 bn GBP every year.
The CBI says the government should focus primarily on competition policy, skills development, intellectual property protection, financial support, the building of infrastructure and finally, tax relief.
Friend of IncGamers and CEO of TIGA Dr Richard Wilson said “it was good to see the CBI expressing support and interest for the creative industries.
“The CBI recognises that we need a competitive tax framework to enable the creative industries in general and the video games sector in particular to flourish. At present, we lack such a framework. Our tax system fails to support the video games industry. Our key competitors benefit from generous tax breaks for games production. We do not. The UK Government must address this issue.”
This is obviously a subject we’ve been following closely since the formation of the all party parliamentary group last year, which you can find more about here.