Chancellor George Osbourne delivered his budget speech at Westminster today and said "planned tax relief for the videogames industry will be cancelled".
Conservatives had promised to support tax breaks for gaming industry prior to the elections, so that it comes at par with film industry. Other key points of the budget were the increase in VAT to 20 per cent and cuts to child and housing benefits.
"The years of debt and spending made this unavoidable," said Osborne.
The budget simply states: "Video games tax relief: not introduce." The document predicts this will save £40m in 2011-2012, and £50m in each subsequent year up to 2015. This budget got a mixed response from all walks of life. Analysts believe this move will help small game studios and start ups.
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