Question to the Department for Digital, Culture, Media & Sport:

To ask the Secretary of State for Culture, Media and Sport, what steps she is taking to encourage banks to provide financial support to video games developers at all stages of the development process.

The Government has reaffirmed its support for SME growth and the startup ecosystem, extending both the Enterprise Investment Scheme and Venture Capital Trust scheme to 2035. Our 10-year Industrial Strategy and Creative Industries Sector Plan set out how we are driving targeted investment into the creative industries, including into video games.

The British Business Bank has received a record Spending Review settlement, increasing its financial capacity to £25.6 billion to support firms through programmes such as the Growth guarantee Scheme and Start Up Loans, particularly those in underserved, high growth sectors. As part of the Sector Plan’s commitment to increase private investment available to scaling creative businesses across the UK the Bank is significantly increasing its support for the creative industries with debt and equity finance. This includes a £32 million investment in a partnership with Haatch to fund diverse angel syndicates such as the UK Games Angels, and co-investment, alongside the Games Angels, in JECO: a toolset provider for games developers.

At the London Games Festival in April, we also announced the launch of a £30 million Games Growth Package, another commitment from the Sector Plan, which includes a substantial uplift to the UK Games Fund offering grants for games companies from £20,000 to £250,000 to help UK games studios create new IP and attract private investment.