UK businesses hold intellectual property rights worth £65bn

Intellectual property is worth £65bn to the UK economy, double the figure in 1990 thanks to an internet revolution which has led to a new era of innovation, according to a report by the Intellectual Property Office.

The report, entitled The Role of Intellectual Property Rights in the UK Market Sector (PDF), also estimated that a further £3bn has been added since the report was finished, as the market grows rapidly.

Intellectual property minister Baroness Wilcox said that protecting investments through the Intellectual Property Office is vital given the importance of intellectual property to the UK.

"Businesses who decide not to protect intellectual assets are taking a huge risk because they may lose any rights to their creative ideas," she said.

"We would always encourage companies to make an investment and make sure they gain the financial benefits they are entitled to.

"The recent Hargreaves Review of intellectual property in the UK highlighted that strong evidence should drive future policy, and ... that protecting rights can add billions of pounds to UK businesses."

The Hargreaves Review was widely welcomed by the industry when it was unveiled in May, and contained several key recommendations to help ensure that UK businesses are not hindered by outdated laws and copyright regimes.

The government is expected to make its official stance on the report public before 22 July, and report author Ian Hargreaves said that he is confident that many of his suggestions will become law.

The Intellectual Property Office recently revealed that it is sending attachés to embassies in China and India to work with local authorities on the protection of UK intellectual property assets, as emerging nations such as these threaten to rip-off legitimate content and copyright owners.