A wind turbine blade is described having a lightning protection system, wherein the lightning protection system is arranged to protect conductive elements or modules used in or on the blade. In one aspect, the lightning protection system comprises a conductive band to be arranged around the circumference of the blade at the location of an internal conductive module, to prevent a lightning strike from penetrating the blade and potentially damaging the internal module. In another aspect, the lightning protection system comprises a lightning down-conductor having a signal-carrying structure, e.g. a signal cable, power cable, or a waveguide, integrated into the down-conductor. In a further aspect, the lightning protection system comprises at least one lightning receptor arranged to protect externally-mounted antennas from lightning strikes.