The West Midlands is missing out on more than £245m of government funding every year, new research has claimed.
A survey by Jumpstart has said the region's automotive supply chain is neglecting to claim "hundreds of millions" which it is entitled to in research and development tax credits. The credits were designed by the government to stimulate activity in manufacturing and technology to ensure the UK stays ahead of global competitors.
As an example, the motorsport industry is one of those sectors where the annual spend on R&D as a percentage of sales is double that of the pharmaceutical sector. The majority of companies involved in motorsport engineering will have eligibility within their technical processes under existing R&D tax credit schemes.
For all companies involved with R & D, the financial benefit is on the table and it makes sense to take advantage of it.
