Menu
08/07/2011
Protected Investment In UK Businesses Worth £65bn Per Year
Reports published today show that investments made by businesses in products and services that are protected by intellectual property rights (IPRs) are worth £65 billion a year.
The announcement was made by Minister for Intellectual Property, Baroness Wilcox.
Two new reports, ‘The Role of Intellectual Property Rights in the UK Market Sector’ and ‘Film, Television & Radio, Books, Music and Art: UK Investment in Artistic Originals’ commissioned by the Intellectual Property Office (IPO), highlight that more money than ever before is being invested in products and services that have protection in copyright, designs, patents and trade marks.
The reports also show that £3 billion of copyright investment is not included in National Accounts, meaning that a substantial amount of money is not accounted for in the value of intellectual property growth. The IPO is now working with the Office of National Statistics (ONS) to factor that into Gross Domestic Product (GDP) in 2012.
Baroness Wilcox said: “These reports show that business investment in intellectual property rights has more than doubled since 1990 and were worth at least £65 billion in 2008, a figure which is expected to continue to grow. This is a significant amount of growth and it’s important that this investment continues to build over the coming years.
“Businesses who decide not to protect their intellectual assets are taking a huge financial risk because they may lose any rights to their creative ideas. We would therefore always encourage companies to make an investment and make sure they gain the financial benefits they are entitled to.”
The Baroness concluded: “The recent Hargreaves review of intellectual property in the UK highlighted that strong evidence should drive future policy and it is clear from the reports published today that protecting rights can add billions of pounds to UK businesses.”
(BMcN/KMcA)
The announcement was made by Minister for Intellectual Property, Baroness Wilcox.
Two new reports, ‘The Role of Intellectual Property Rights in the UK Market Sector’ and ‘Film, Television & Radio, Books, Music and Art: UK Investment in Artistic Originals’ commissioned by the Intellectual Property Office (IPO), highlight that more money than ever before is being invested in products and services that have protection in copyright, designs, patents and trade marks.
The reports also show that £3 billion of copyright investment is not included in National Accounts, meaning that a substantial amount of money is not accounted for in the value of intellectual property growth. The IPO is now working with the Office of National Statistics (ONS) to factor that into Gross Domestic Product (GDP) in 2012.
Baroness Wilcox said: “These reports show that business investment in intellectual property rights has more than doubled since 1990 and were worth at least £65 billion in 2008, a figure which is expected to continue to grow. This is a significant amount of growth and it’s important that this investment continues to build over the coming years.
“Businesses who decide not to protect their intellectual assets are taking a huge financial risk because they may lose any rights to their creative ideas. We would therefore always encourage companies to make an investment and make sure they gain the financial benefits they are entitled to.”
The Baroness concluded: “The recent Hargreaves review of intellectual property in the UK highlighted that strong evidence should drive future policy and it is clear from the reports published today that protecting rights can add billions of pounds to UK businesses.”
(BMcN/KMcA)
Related UK National News Stories
Click here for the latest headlines.
19 May 2011
Universities 'Manage Intellectual Property'
Universities can now access a new tool to help develop and manage their intellectual assets. The Intellectual Property Office (IPO) has today launched a strategy guide called ‘Intellectual Asset Management for Universities’.
Universities 'Manage Intellectual Property'
Universities can now access a new tool to help develop and manage their intellectual assets. The Intellectual Property Office (IPO) has today launched a strategy guide called ‘Intellectual Asset Management for Universities’.
21 September 2011
UK Designers 'Should Help Identify Growth Potential'
The Government today launched a call for evidence on how the UK intellectual property system can better support our globally successful design industry.
UK Designers 'Should Help Identify Growth Potential'
The Government today launched a call for evidence on how the UK intellectual property system can better support our globally successful design industry.
06 April 2007
New legislation targets counterfeiters
New laws to tackle counterfeiting and piracy crime have come into force. The new powers, which are backed by £5 million of government funding, will make enforcement of copyright infringement the responsibility of Trading Standards and give officers the power to make test purchases, enter premises and inspect and seize goods and documents.
New legislation targets counterfeiters
New laws to tackle counterfeiting and piracy crime have come into force. The new powers, which are backed by £5 million of government funding, will make enforcement of copyright infringement the responsibility of Trading Standards and give officers the power to make test purchases, enter premises and inspect and seize goods and documents.
28 June 2013
New Unit To Tackle Online Piracy
A new police unit has been announced that will seek to tackle intellectual property crimes such as online piracy and counterfeit goods. Intellectual Property Minister, Lord Younger and City of London Police Commissioner, Adrian Leppard launched the unit today. The government claims it will be one of the first units of its kind in the world.
New Unit To Tackle Online Piracy
A new police unit has been announced that will seek to tackle intellectual property crimes such as online piracy and counterfeit goods. Intellectual Property Minister, Lord Younger and City of London Police Commissioner, Adrian Leppard launched the unit today. The government claims it will be one of the first units of its kind in the world.
08 December 2011
Intellectual Property Chief Appointed To China Despite Scandal
The Government has appointed its first ever Intellectual Property official to China despite an ongoing scandal into powerful lobbyists influencing its dealings with the Chinese Government.
Intellectual Property Chief Appointed To China Despite Scandal
The Government has appointed its first ever Intellectual Property official to China despite an ongoing scandal into powerful lobbyists influencing its dealings with the Chinese Government.
-
Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
