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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)
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