David Cameron’s new business minister will lead a delegation of businesses to China today in a bid to forge fresh agreement over intellectual property.
The trip marks the first formal overseas visit by Lady Neville-Rolfe, a former Tesco executive who was appointed in the summer reshuffle. It comes weeks after Vince Cable, business secretary, called for a more global approach to IP piracy, saying theft of ideas was “part of the business way of life” in China.
It has been estimated that every 1 per cent rise in IP crime costs the economy ￡1.7bn. “It’s an international problem. Cross-border leakages are enormous and there is a recognition of the potential losses as a result of piracy,” Mr Cable said.
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