Sweeping intellectual property reforms to boost growth and add billions to the economy

The Government has announced plans to support economic growth by modernising UK intellectual property laws. Ministers have accepted the recommendations made in an independent review which estimate a potential benefit to the UK economy of up to £7.9 billion.

The recommendations were made in May 2011 by Professor Ian Hargreaves in his report, - ‘Digital Opportunity: A review of intellectual property and growth’. Modernising intellectual property law is a key action from the Government’s Plan for Growth, published in March alongside the Budget, which will help create the right conditions for businesses to invest, grow and create jobs.

Announcing the Government’s response to the review, Business Secretary Vince Cable said:

“The Government is focused on boosting growth and the Hargreaves review highlighted the potential to grow the UK economy. By creating a more open intellectual property system it will allow innovative businesses to develop new products and services which will be able to compete fairly in the UK’s thriving markets for consumer equipment.