[Martin Caton in the Chair] — Intellectual Property
Pete Wishart (Perth and North Perthshire, Scottish National Party)
I am grateful to the hon. Lady for her intervention. I did not mean to come across as being so hard on the good professor. Yes, the hon. Lady is right: of course there are things in the Hargreaves review that have to be welcomed. She is right to mention the digital copyright exchange. Under the leadership of Richard Hooper, we now have an opportunity to make that a fit-for-purpose exchange, but that will have to come through hard work. It will have to come through proper discussion and consultation with the sector and the industry.
There are things in the review that could be made to work, but I am not going to resist some of the bonkers economics behind the creation of a DCE. What figure was given for the value of a DCE? Was it £4 billion? That is based on one report from Copenhagen Economics, which assumes a number of things coming together—European directives and European institutions. Once again, we are talking about something that could be useful, but the economic analysis is woeful.