Mike is delighted that tax breaks for creative industries were included in the Government’s budget following his appeal to the Chancellor that support for the sector was essential to the digital economy.
Mike recently wrote to his colleague the Rt Hon George Osborne MP, Chancellor of the Exchequer, about the importance of tax breaks for the UK animation industry. Following the budget, the Department for Culture, Media & Sport has stated that tax breaks for animation and TV would aim to reverse a trend of UK productions being made overseas and attract foreign companies to make their progammes in the UK. Tax relief for video games could help to increase the sector’s contribution to the UK economy by £280 million over the next five years.
Commenting, Mike said: “Tax relief for the creative industries will have a huge impact on our local economy. I am really pleased that the Treasury has listened to the compelling case for animation, video games and high-end TV production and given some vital support. I look forward to working with businesses in my constituency who will benefit from this sensible move.”
Mike added: “I was also pleased that the Minister for Communications & Creative Industries, Ed Vaizey, recognised my campaign for funding for ultra-fast broadband for our city, which we now have after the Chancellor announced a boost of £50m.”