Minister for culture and the digital economy Ed Vaizey announced the possibility of tax breaks for more creative industries – such as design – at a Creative England event celebrating collaboration and business growth.
Tax relief allows studios to get a cash rebate when they spend money on production or post-production in the UK. Originally the relief was just for the film industry, but has been extended over the last few years to include TV – including animation and children programmes – and games, the latter of which Vaizey said is close to his heart.
How this might apply to other sectors is unclear as yet – but would be a welcome boon for the design industry. According to Dr Richard Wilson, CEO of the games industry trade association TIGA, tax relief has "helped the sector grow by almost 10 per cent in 2014." TIGA calculates that, over the next five years, tax relief within the games industry could create over 2700 new jobs and add £1.11 billion to the UK economy.
Vaizey (above) also said the Conservatives had created “the right tax conditions” for creative business to thrive. The vreative industries, which represent five per cent of all UK jobs, are growing three times faster than the rest of the economy as a whole, and contribute £76.9bn to the economy.
“It’s been an amazing privilege to support this incredible sector,” said Vaizey, who highlighted the exciting fusion of culture and tech as an example of the industries’ successes.
Attendees included Steve Hatch, Director of Facebook UK and Ireland, MediaCom Chairwoman Karen Blackett, and Steve Vranakis, Executive Creative Director of Google’s Creative Lab.