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Intellectual Property Bill [Lords]

I am sure that my hon. Friend has a little more knowledge of that. I think that some specific problems apply to small start-ups in the venture capital world and, as I have said, for individuals who, for tax purposes, would not want an allocation, other than at a particular time when it was known that the venture would work through.

I do not want to be overly negative, because I think that the Bill is an important piece of legislation. It reflects the commitment that the Government, rightly, have made in this area. We can be proud of our place in the global league tables for intellectual property rights, but we have no cause for complacency. We are perhaps ahead of the game, or cheek by jowl with Germany and the Netherlands, which I think—without being complacent —is a good place to be.

I am fairly supportive of what the Government are trying to do, which is to make the IP landscape easier to navigate for businesses, especially small and medium-sized enterprises, many of which will be looking to expand globally and make an impact for the future. It is of underlying importance that the Bill will make better off UK businesses that wish to protect their products and technologies through patents and design rights. The Government must continue to focus their attention on doing more to encourage investment and to secure IP rights if Britain is to remain a global player in what I am sure will be, in decades to come, an extremely competitive international market.

5.51 pm