Review of Intellectual Property and Growth

Vince Cable Excerpts

Wednesday 18th May 2011 Written Statements

[The Secretary of State for Business, Innovation and Skills (Vince Cable)]

I together with my right hon. Friend the Chancellor of the Exchequer would like to inform the House that Professor Ian Hargreaves has today presented the Government with findings of their independent review of intellectual property and growth.

We welcome this timely report and its identification of the IP system as a high-stakes issue and of innovation as the key element in economic growth from intellectual property.

Intellectual property has an enormous impact on individuals, businesses and industries and on the UK as a whole. It affects what we can and cannot do in business, in education and in our daily lives. The Government want to see a future where technological innovation, successful creative businesses and strong international brands go hand in hand.

The Prime Minister asked Professor Hargreaves to focus on the Government’s top priority, growth. The Hargreaves recommendations have the potential to add between 0.3 to 0.6% to annual GDP and to cut the costs of doing business with IP by £750 million a year by 2020.

The review presents us with opportunities to support dynamic UK businesses that will deliver innovation, growth and jobs in the years to come, it offers us the chance of a future where there is a thriving market for Britain’s creative talent, where the value of innovation and research outweighs the fear of piracy and counterfeiting and where we as customers are surprised and delighted by what digital technology offers us, not worried or confused.

This report is the culmination of six months of diligent inquiry by Professor Hargreaves and his panel of experts, and we thank him and his colleagues for their hard work.

The Government will aim to publish their substantive response before the parliamentary recess.

Copies of the “Hargreaves Review” have been placed in the Libraries of both Houses.