---

Digital Economy Bill [HL]

My Lords, I want to clarify something that the noble Earl, Lord Erroll, just said. He rightly pointed out that the bulk of copyrights are owned by a limited number of very large corporations. We in the copyright world call them investors. They supply the capital that makes the production of intellectual copyright possible. I have been following this Committee for several days, and for me, the elephant in the Chamber is the requirement to have capital markets with sufficient incentives and a clear, visible marketplace in which they can invest to ensure that the creative people can make products that we want and that we can circulate in the marketplace. I am afraid that it is nonsense to assume that we can allow the well to dry up by doing nothing or taking insufficient action on copyright abuse. Should we do so, investment will withdraw and eventually the entire creative process will dry up.