West Mids suppliers 'losing £245m in R&D'
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.
R&D company Jumpstart said the credits were designed by the government to stimulate activity in manufacturing and technology to ensure the UK stays ahead of global competitors.
Brian Williamson, director of Jumpstart, said: "The £245m figure is, in fact, conservative, since it is based on current successful R&D tax credit applications to HMRC. However the level of claim is increasing by up to 30 per cent each year, so the headline figure will increase proportionally."
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, he added.
"The majority of companies involved in motorsport engineering will have eligibility within their technical processes under existing R&D tax credit schemes. The financial benefit is on the table and it makes sense to take advantage of it."
