New Horizons in Intellectual Property series
Edited by Derek Bosworth and Elizabeth Webster
Chapter 11: Use of Intellectual Property by the UK Financial Services Sector
1 Mark Rogers and Christine Greenhalgh 1 INTRODUCTION The purpose of this chapter is to provide new information on the intellectual property activity of UK ﬁnancial sector ﬁrms. The database we have constructed allows us to document trademark applications, and UK and European Patent Ofﬁce (EPO) patent publications for a sample of large UK companies over the period 1996–2000. Why should we be interested in this sector’s intellectual property activity when most economic studies of R&D and IP conﬁne themselves to an examination of ﬁrms in manufacturing industries? Data from the Ofﬁce of National Statistics (2004) shows that the ‘ﬁnancial services’ sector accounted for 8.9 per cent of total gross value added in 2002, up from 8.2 per cent in 1992.2 In comparison manufacturing accounts for around 19 per cent of gross value added. In terms of employment, the ﬁnancial services sector accounts for around 16 per cent of total employment, with manufacturing having around 14 per cent of the total (Begum 2004, Labour Force Survey data). While the changing structure of the UK economy and the growing contribution of service sector ﬁrms has been well documented via such aggregate statistics, Greenhalgh and Gregory (2001) also stress the expanding role of ﬁnancial and professional services as suppliers of intermediate inputs, reﬂecting increased inter-industry specialization. These authors have demonstrated that this rise in intermediate demand dwarfs even the large rise in direct ﬁnal demand for services output. The same authors also calculated the extent to...
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