From the IAB
Chancellor George Osborne has revealed several broadband upgrades and tax breaks for the video game industry in his 2012 Budget, which was announced earlier today (March 21st).
He revealed that the government wants to make Britain "Europe's technology centre". This includes the commitment to introducing modern ultrafast broadband, which is key to the country's industrial policy.
The key technological announcement of the Budget was extra funding to ten major cities, including Birmingham, Belfast, Leeds and London, to help them upgrade their networks to ultrafast broadband.
A further £50 million will be given to smaller cities to upgrade their broadband to superfast broadband. This follows on from last Autumn's statement in which Osborne announced £100 million worth of funding to bring superfast broadband to the UK.
The video game industry also received a boost in today's Budget, with the Chancellor praising Britain's "brilliant video games and animation industries", quipping that the UK must keep Wallace and Gromit in the UK.
The tax breaks to be given to the video games industry will be similar to the ones given to the UK's film industry. In a statement, the trade association for video games TIGA stated this new tax relief is "terrific" for the sector.
Dr Richard Wilson, chief executive of TIGA, stated that the Games Tax Relief will safeguard 4,661 jobs and increase the industry's contribution to the UK's GDP by £283 million over five years.