How Will “‘Brexit” Effect Video Games Industry in the UK? TIGA Responds

As you may know by now that Britain has voted in favor of “Brexit.” The region is no longer a part of the European Union which means a direct impact on many of its vital sectors such as aerospace, defense, high-value manufacturing and of course, video games industry.

All of these sectors are at risk of losing funding and drying there resources which is a major concern. Steps need to be taken to ensure video games sector is receiving appropriate amount of funding so it can keep contributing to the GDP.

Dr Richard Wilson, CEO of UK video games association TIGA released a statement earlier, calling out to video games bodies and policy makers to ensure financial issues don’t occur for the video games industry.

The UK video games industry is a high technology sector that provides high skilled employment for over 30,000 people, including approximately 11,000 development staff and which contributes £1.1 billion to UK GDP.

It is also export oriented, with at least 95 per cent of studios exporting. Following the referendum in favour of ‘Brexit’, it will be more vital than ever to strengthen (and avoid harming) those sectors where the UK has a comparative competitive advantage: for example, aerospace, defence, high-value manufacturing and engineering, high technology industries, higher education, low carbon technology and the creative industries, including the video games sector

He went on to say that it is crucial that we ensure video game developers have access to proper finance channels, they benefit from Video Games Tax Relief and R&D Tax Relief, have clear and stable IP rights and easy access to highly skilled people from outside of the country.

Any new points based migration system must not be onerous or complicated, otherwise the industry’s growth could be held back

52% of the population voted in favor of Brexit. The current prime minister, David Cameron, will leave his post in October. The economy will remain unstable for a short time before things, hopefully, will go back to normal.