The government’s Intellectual Property Office (IPO) plans to use over £3 million of savings to support UK businesses.

The government’s Intellectual Property Office (IPO) plans to use over £3 million of savings to support UK businesses.

Earlier this year the IPO made savings of 11 per cent, in line with existing guidelines for all government departments, half of which it is allocating to helping UK companies in a one-off funding boost.

The IPO’s total efficiency savings amount to some £6 million, with the other half being re-invested to increase its efficiency further.

Baroness Wilcox, intellectual property minister, comments: ‘This investment in growth will help businesses carry out new research projects, bring new products to market and receive extra support in developing their intellectual property. The future of the UK economy lies with these high tech industries.’

The funding will be used for to help companies develop new technologies and offer advice in developing intellectual property. It will also pay for competitions and schemes run by the Technology Strategy Board, a non-departmental public body established by the government to support research into technology and innovation for UK businesses.

The IPO is part of the Department for Business, Innovation, and Skills and is responsible for the national framework of intellectual property rights, including patents, and trademarks.