The UK government is looking to innovation and the knowledge-based economy to lead the country out of recession—pinning its hopes on a reinvigorated intellectual property system. Alasdair Poore explains.
The Patent Box is expected to go ahead, reducing taxation on patent-derived profits, while the Hargreaves review of IP is due in May, having had only a few weeks to investigate and consult on the intellectual property system. Its remit is to look at innovation in the digital economy, and answer Prime Minister David Cameron’s question as to whether the UK’s IP laws really are the reason why this country has not produced a Google.
Reforms to the UK’s Patents County Court, together with the appointment of the new Patents County Court judge, His Honour Judge Birss QC, have already dramatically transformed opportunities for small and medium-sized enterprises (SMEs) to enforce their intellectual property.
Already we are seeing guidance and encouragement from the court that it is fully focused on providing access to an effective enforcement mechanism for smaller enterprises—a system that will in due course compete very effectively with those in other continental jurisdictions.
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The Patent Box, FICPI, European Commission, recession