I think this is pretty exiting news and just when I thought it would never come. For the smaller studios there is another 1% dip in corporation tax which doesn't sound much to some but overall is due to go from 26% to 22% by 2015.
I doubt labour would have reduced corporation tax. I watched that tax destroy my Dads career as a contractor for the car industry. Back in 95 it was a very desirable job.
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If this had happened a few years ago, when they said they were going to do it a few studios might still be open. Ah well.