Our industrial strategy sets out the Government’s vision for making the UK the most innovative country in the world. The UK starts from a position of strength and is already ranked in the top four of the global innovation index and top 10 by the World Bank as the best place to start and grow a business. But the global landscape is changing and we must continue to invest in research and development. The industrial strategy has set an ambition to raise total research and development to 2.4 per cent of GDP by 2027, helping businesses access the right funds and equip them to face the challenges and opportunities presented by new technologies and new ways of doing business.
Intellectual property (IP) plays a crucial role in innovation and touches everything that makes modern life more enjoyable, easier, safer and prosperous. It provides inventors, creators and entrepreneurs with the confidence to invest knowing that they will reap the benefits of their investments. UK investment in IP rights reached almost £64 billion in 2016 and studies have shown that industries that rely on IP have accounted for over a quarter of UK employment and almost half of GDP. Our IP system matters. It creates jobs and economic growth and is helping to propel Britain to the forefront of innovation.
The Intellectual Property Office (IPO) corporate plan 2019-20 explains how through its stewardship of the IP system, it will help the UK to be the most innovative and creative country in the world. It will do this through delivering excellent IP services, creating a world leading IP environment and attracting and retaining the best people by making the IPO a brilliant place to work. This plan outlines the start of the IPO’s transformational journey, which will provide truly modern IP services to its customers.
The UK already has one of the best IP regimes in the world, consistently ranked as one of the top regimes in indices such as those from the Taylor-Wessing Global IP Index and US Chamber of Commerce International IP Index, and during 2019-20, the IPO will continue to contribute to building a business environment that makes the UK the best place in the world to start and run a business.
As an executive agency and trading fund of the Department for Business, Energy and Industrial Strategy, the IPO has set targets which are agreed by Ministers and laid before Parliament. I am glad that today I can inform the House that for 2019-20 the IPO’s targets are:
At least 85% of our customers to rate us 8/10 for overall satisfaction.
By the end of March 2020 we want 90% of renewals to be conducted via the new enterprise-wide digital renewals service.
75% of the businesses we reach confirm that they are able to make informed decisions about their IP.
Deliver our services efficiently through continuously improving our systems, processes and ways of working to make things better for our customers and our people, reduce costs and improve the value for money we provide. Our target is to achieve efficiencies worth at least 3.5% of our core operating costs.
[HCWS1485]