Importance of intellectual property to the British economy
A Westminster Hall debate on the importance of intellectual property to the British economy has been scheduled for 0930hrs on Tuesday 28 February 2017. The Member in charge of this debate is Nigel Adams MP.
Intellectual property (IP) protection covers copyright, trade marks, patents, design rights and registered designs. The Intellectual Property Office (IPO) is the official government body responsible for IP rights.
Intellectual Property Rights can support growth in the economy through promoting innovation by providing a temporary monopoly to creators and inventors, but can also limit growth in certain circumstances.
UK investment in knowledge, or "intangible", assets has beeen greater than investment in tangible assets since the early 2000s. In 2014, just over half of investments in intangible assets were protected by intellectual property rights.
In December 2016 the IPO published "fast facts" on intellectual property and the economy:
Official Statistics, Intellectual property fast facts 2017