Saturday 31st October 2020
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Regional Economic News

Surge in R & D tax relief claims underlines region's record for innovation

The region’s strong reputation for innovation has been underlined by a significant rise in R&D tax credit claims by companies in East Anglia, according to HMRC figures. Firms in the region made a total of 5,700 claims in 2018/19, up from 4,175 in the previous year and secured 12 per cent of the £5.3 billion of tax relief claimed by firms nationally.  IN all, there were 5,120 successful R&D tax relief claims made by SMEs in the region as well as additional claims secured through the RDEC scheme worth a total of £655m in tax relief. Firms in the region also secured £17m in rebates for Patent Box claims, a tax relief to help businesses develop intellectual property assets.

Scott Henderson, CEO of consultancy ABGI UK, said: “Once again East Anglia has seen a surge in R&D tax relief claims. We’ve seen a major rise in successful claims being made compared to the same period in 2017-18, highlighting a high level of innovation across the region’s business community. This investment could prove crucial as the UK faces significant economic challenges going forward.”

Last Updated ( Monday, 19 October 2020 09:25 )


Region’s economy set to recover faster than average in 2021

The East of England economy will see output fall slightly more than the UK average this year but it will stage a faster than average recovery in 2021, according to a ne...

Last Updated ( Monday, 19 October 2020 09:37 )

Cambridge tech and professional services set to bolster region’s growth

The East of England economy is set to grow slightly faster than the national average over coming years in the light of the Chancellor’s Spring Statement, thanks partly ...

Buoyant SME and housing sectors drive prosperity in the East

The East of England has grown more prosperous over the past year helped by high employment, a strong housing market and a buoyant SME sector and it remains the UK’s m...

Last Updated ( Thursday, 08 September 2016 08:55 )

Region's underylying growth stays strong in December

New business, output, new business and employment in the East of England private sector continued to grow in December, albeit at a slower rate, according to a survey o...

Last Updated ( Monday, 11 January 2016 17:08 )

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