Welcoming the announcement Baroness Wilcox, Minister for Intellectual Property, said:

“This is excellent news not just for the UK economy, but also because it shows that Government is serious about understanding and promoting the creative industries.”

The new estimates have been developed over the last year as part of the IPO’s economic research programme to establish a more accurate picture of intellectual property in the UK. The study drew on new information provided by the publishing, music and film industries on their investment in copyrighted work, which generates long term revenues for the UK.

This new initiative has been a collaborative effort between the Office for National Statistics (ONS), IPO, Imperial College and the creative industries. It reflects the increased importance of intellectual property in today’s economy.

The IPO’s Chief Executive, John Alty said:

“Government policy recognises the vital importance of innovation in the creative sector. It is more important than ever that we should capture this investment in the way we measure the economy – adding to the UK’s economic capability.

“We welcome the drive for good evidence and the collaboration between industry, researchers and Government which has made this work possible.”

Sarah Faulder, Chief Executive of the Publishers Licensing Society (PLS) said:

“PLS is delighted to have been able to play a part in ensuring that the value of the UK’s publishing industry is more accurately reflected in the national statistics. Whilst we believe there is more work to be done to ensure the scale of the industry is fully reflected, we commend the IPO for having undertaken this crucial and challenging task at a time when copyright policy is under review by the Government.”

The new estimates are summarised below, and set out in ‘Updating the Value of UK Copyright Investment’ published by the IPO and Imperial College today at http://www.ipo.gov.uk/ipresearch-year-2012.htm

The UK’s Fast Track system, originally introduced in June 2010 with the aim of getting business’ patents granted faster and more cheaply, will now give applicants the chance to make changes to an international application, and still have the opportunity to request accelerating processing in the UK. This change removes a bureaucratic hurdle and increases the flexibility and accessibility of the patent application process.

The PCT system helps businesses and other applicants save money and time with a more efficient way of gaining global protection for their patents. It also helps reduce the current backlog of patent applications estimated to be costing the global economy more than £7 billion a year. Fewer than 10 per cent of the two million applications for worldwide patent protection use the PCT system at present.

In an effort to boost use of the PCT, the UKIPO, working in partnership with the United States Patent and Trademark Office (USPTO), have developed a strategy, called PCT 20/20, that will help improve the quality of the system and make it easier to use.

John Alty, UKIPO’s Chief Executive, said:

“The PCT has been a remarkable success with patent applicants since its inception and undoubtedly helped make the global patent system more efficient. That’s good news for both businesses and IP offices, but further improvements have the potential to deliver significant benefits.

“ Working together, the USPTO and the UKIPO have set out a compelling vision for PCT 20/20. We have also improved the PCT(UK) Fast Track system to the advantage of applicants who will experience a more straightforward system as will applicants new to the process. We want our proposals to spark debate and drive forward positive change.”

USPTO Director Dave Kappos said:

“The PCT has been a very successful work-sharing system in the international patent community. We feel that the system can be further improved in a manner that will benefit users, offices and all PCT member states. Accordingly, in cooperation with our colleagues from the UKIPO, we have developed a number of suggestions for PCT improvement and included them in the PCT 20/20 proposal.”

The UK IPO will be working with the USPTO, the World Intellectual Property Organisation, and other international partners to develop and implement the ideas in the PCT 20/20.

“This is a welcome and substantial investment by Diageo in one of the UK’s world renowned industries. It is a vote of confidence in the workforce in Scotland and in the strength of the food and drink sector in Britain. This decision will create new jobs and I am particularly pleased to see the investment the company is making in apprenticeships.

“Already this year we have seen a number of significant investments announced by major international companies here in Britain. Across a wide range of sectors like manufacturing, tourism, and now distilling, firms like Diageo are demonstrating their belief in the competitiveness of our economy and the skills of our labour force.

“Later this summer Diageo will be among the world’s leading businesses coming together in London for the British Business Embassy programme of business summits and I look forward to seeing more positive steps like this being taken in the rest of 2012.”

- Road conditions in England: 2011, see

www.dft.gov.uk/statistics/releases/road-conditions-in-england-2011

for details.

See http://www.dft.gov.uk/statistics for details on all recent transport statistics releases.

These Official Statistics are published according to arrangements approved by the UK Statistics Authority.

Contact Information

Name – DfT Press Office – Local Transport
Division – Department for Transport
Phone – DfT Press Office 020 7944 3066
Mobile – Out of Hours 020 7944 4292
Email – DfTPressReleases@dft.gsi.gov.uk

He will tour the firm’s global research and development facility, Aqualab, to see how Speedo designs and develops world class swimwear and equipment, including the Fastskin Racing System worn by Nottingham-based Great Britain swimmer Rebecca Adlington OBE. He will also hear about the contribution Speedo makes to the local economy and the impact the firm has on jobs in the area.

Afterwards, the Business Secretary will visit Nottingham University Innovation Centre and learn more about university and private sector collaboration with businesses such as GlaxoSmithKline Carbon Neutral Laboratory for Sustainable Chemistry, Ordnance Survey and technology firm e2v. e2v has received £6.25 million from the Regional Growth Fund and has licensed technology from the innovation centre.

Business Secretary Vince Cable said:

“Nottingham is clearly a place for innovative businesses and individuals to thrive and that’s thanks to the investment firms and universities are prepared to put into researching new products and design.

“Speedo is a world leader in swimwear products and is using cutting-edge technology, as well as first class skills, to ensure it remains at the forefront of its industry. And with centres such as Nottingham University’s Innovation Centre creating a space for the research base and business to come together in partnership, Nottingham is a place for companies and ideas to thrive and grow.”

Vince Cable will also announce that the Engineering and Physical Sciences Research Council (EPSRC) and GlaxoSmithKline are to jointly fund a new Chair in Sustainable Chemistry who will be based in the planned Carbon Neutral Laboratory for Sustainable Chemistry at the University of Nottingham.

He will also announce £670,000 of EPSRC funding for a new photoelectron spectrometer that will give accurate measurements of liquids – the first of its kind in the UK.

The BFP aims to ease the flow of credit to small and mid-sized businesses in the UK by diversifying their sources of finance and making them less reliant on bank lending. It is part of a £21 billion credit easing programme being taken forward by the Government to open up new channels of finance for businesses and use the UK’s budget credibility to pass on the benefits of current low interest rates.

Today’s announcement follows a highly successful first round of bidding, which attracted 24 proposals from managed funds. Budget 2012 confirmed a shortlist of seven funds to potentially receive investment through the BFP of up to £700m.

Up to £400 million more will be invested by the Treasury through managed funds that lend directly to mid-sized businesses. The Department for Business, Innovation and Skills will invest up to £100 million through non-traditional lending channels that lend directly to small businesses. It is expected that these channels could include mezzanine finance funds, supply chain finance schemes and peer-to-peer lenders.

The Chancellor said:

“These proposals are the next part of our credit easing programme, passing on the benefits of Britain’s creditworthiness to businesses, and opening up new options of finance for them. They are only possible because of the credibility that Britain has earned – and the low interest rates that come with it – as a result of taking the tough decisions needed to deal with our debts.”

Business Secretary Vince Cable said:

“As businesses are continuing to struggle to get credit from their banks, developing alternative lending channels so firms are less reliant on banks is essential.
“The Business Finance Partnership will help to develop these channels over the medium term so businesses seeking credit have more options available to them. Our aim is to create a more diverse financial infrastructure which better serves the needs of our small and medium-sized companies.”

The launch comes as new research reveals that over half of taxpayers (57%) do not know how much income tax and National Insurance they pay in a year, suggesting that many people find the personal tax system remote and confusing. The new calculator uses online technology, makes it easy for taxpayers to see how much they can expect to pay and is an important step towards achieving the Government’s vision of making the system more transparent, open, and easier to understand.

The research published today was carried out as part of the Government’s consultation on ways in which people could more easily access information on their personal taxes. It found that although 70% of those who receive bank statements said that they always check their transactions, just 26% of taxpayers are as thorough in checking how much tax they have paid, and only 10% would be able to put an exact figure on it, if asked.

David Gauke, Exchequer Secretary to the Treasury, said:

“We think it is right that people know how much tax they pay and what the Government spends it on. At the moment, over half of taxpayers do not know how much income tax and National Insurance they pay in a year. Our new tax calculator will allow them to find out, which is a big step towards a more transparent, 21st century system.”

The calculator can be found at www.hmrc.gov.uk/calcs-tools/index.shtml

The mobile phone app can be downloaded at the Apple Store or Google Play.

During his visit to UK, Indonesia’s Minister of Education and Culture Mohammed Nuh met with the UK Universities and Science Minister David Willetts, and agreed a new Memorandum of Understanding. This will commit both countries to developing a ‘Systems to Systems’ action plan.

The plan is designed to support Indonesia’s development, benefiting from the UK’s position as a high quality and effective education partner.

Universities and Science Minister David Willetts said:

“I am delighted that the Communiqué I signed during my visit with the Prime Minister to Indonesia and the MoU signed today strengthens the links between Indonesia and the UK. It will support institutional partnerships, promote student mobility and build education capacity.

“I am pleased to announce new initiatives coming out of today’s meeting: the Open University and the Indonesian Open University Universitas Terbuka signed an MoU supporting a two way dialogue on distance learning and quality assurance; the University of Cambridge International Examinations announced that they will be developing a new qualification at IGCSE level in Bahasa Indonesia. It demonstrates their commitment to develop a world-class curriculum and qualification that supports Indonesia’s priorities; and Scientia is offering a small number of free licences to the major Indonesian State universities. The aim is to support the Indonesian Ministry of Education’s policy of resource sharing.”

The MoU will particularly focus on:-

(i) Exploring the development of new knowledge economy partnership programmes including linking universities with business and industry in each country;

(ii) Promoting greater student mobility and academic exchanges in both directions;

(iii) Capacity building: supporting the establishment of a certification framework in Indonesia, looking at issues of mutual recognition of qualifications and provision of practical advice and support from the UK to aid skills development in vocational education and in specific industries.

Prior to the MoU signing, delegations from the UK and Indonesian education sector met at the Indonesian Embassy for the inaugural UK-Indonesia Joint Working Group on education. The meeting will identify practical steps with which to deliver on the proposals contained in the MoU

Lord Smith of Kelvin will be the new Chair of UK Green Investment Bank plc. Currently Chair of SSE and The Weir Group, he has a strong financial services background, chairing the group set up by the Financial Reporting Council in 2003 to clarify the role of audit committees.

Sir Adrian Montague has been appointed as Deputy Chair and Senior Independent Director. Sir Adrian, who is chair of companies including 3i and Anglian Water Group, has been chairing the GIB Advisory Group and has been closely involved with the development of the bank.

Vince Cable said:

“The UK GIB is a major new innovation vital to securing investment in what is one of the great challenges of our age, the decarbonisation of our energy supply. It has found two candidates of outstanding calibre well suited to leading the bank through its important early phase.”

Lord Smith said:

“It is a pleasure to be asked by the Business Secretary to chair this groundbreaking institution. I look forward to working with Sir Adrian Montague and can’t wait to get started.”

Deputy Prime Minister Nick Clegg said:

“Lord Smith and Sir Adrian bring significant expertise and strong track records of delivery.

“Britain is already a powerhouse in green industries, but we are still not tapping all of our potential. I am determined that the Government will do everything it can to support this burgeoning sector and set the UK firmly on course towards a green and growing economy. The UK GIB will play a key part in this.”

Scottish Secretary Michael Moore said:

“The UK GIB is set to play an essential part as we build and invest in a greener future. This is a UK institution headquartered in Edinburgh supported by a strong team in London and the news that Lord Smith and Sir Adrian Montague have been appointed is another step towards the bank opening for business. They bring a wealth of experience to the roles and will bring that to bear as we look to encourage private sector investment in key energy projects.”

The newly formed Board will begin the recruitment of the company’s other directors and senior executive team shortly; with a view to having the UK GIB fully operational this autumn, subject to state aid approval from the European Commission.

Following these appointments, the Advisory Group chaired by Sir Adrian Montague will be disbanded.

The UK GIB will be based in Edinburgh and London. Its headquarters will be located in Edinburgh, with an office in London. This arrangement will enable a greater commercial reach nationally than could be achieved from one location.

Legislation has also now been introduced, under the Enterprise and Regulatory Reform Bill, to set the Bank’s green purpose, embed its independence and make funding provision for the Bank.

The blast furnace was relit last month, just over a year after SSI purchased Teesside Cast Products (TCP) from Tata Steel and over two years after it was mothballed.

The funding is one of the biggest RGF projects to date with a total cost of £7.325m, part funded with Regional Growth Fund grant of £1.425m, enabling the company to update the skills of longer term employees and train new staff.

This has helped re-establish a fully functioning plant for the production of slab steel, capable of producing 3.6m tonnes a year, with the potential to increase production to 4.2m tonnes a year. With due diligence and the terms of the conditions now met the money has been awarded.

Speaking at a visit to the Redcar steel plant Vince Cable said:

“Boosting British manufacturing is central to this Government’s mission to create long term growth, that is balanced between sectors and regions of the UK.

“For too long the British economy has relied exclusively on the City of London, ignoring places like Teesside. I want to see regions of the UK like the North East, which were once the workshops of Britain get back to their glory days.

“I have great pleasure in visiting SSI today and to witness first hand the return of steel production to the North East. The restart of the plant is fantastic news for the region as it will have a major impact on local growth and prosperity, creating around 8,000 jobs.

“SSI and its workforce have done an incredible job over the last year to get the plant up and running again and to expand production capacity.”

Phil Dryden Chief Executive of SSI UK said:

“We have been pleased to welcome the Secretary of State to SSI UK, especially as it follows on from the successful resumption of iron and steel making at Teesside.

“SSI have spent around 1,000 million pounds to bring the plant back in to operation which has secured 1800 direct jobs.

“Part of that investment relates to the major training requirement which was necessary to start up the plant, and we were very pleased to receive the £1.4m award from the RGF.”

Also today Lotte Chemical has been awarded £6.7 million from RGF which will help to create 55 jobs as well as safeguarding an additional 173 jobs.

The money has been used to construct a manufacturing plant on the Lotte Chemical UK Limited (LCUK) site – part of the Wilton International chemical complex, Teesside.

The facility will develop new resins for new applications needed in the manufacture of bottles, containers and trays for use in food packaging.