Innovation returns to Yorkshire economy

INNOVATION is returning to the Yorkshire regional economy, according to Deloitte.

The business advisory firm said Yorkshire businesses are set to take full advantage of reliefs aimed at encouraging innovation, as the number of patents granted in the region is at a five-year high. It has revealed that Yorkshire companies were granted 182 patents last year.

A patent protects inventions and gives owners the ability to stop others from making or using the invention without permission. The profits from patented products benefit from the Patent Box tax relief, introduced by the government earlier this year in a bid to boost British innovation.

Deloitte said the Patent Box also encourages firms to locate high value jobs associated with the development, manufacture and exploitation of patents in Yorkshire and the rest of the UK.

Stuart Cottee, head of tax at Deloitte in Yorkshire, said: “These are encouraging figures for Yorkshire’s economy, particularly as the total number of patent applications granted in the UK dropped last year.

“The Patent Box has been designed to work alongside existing R&D tax relief and will benefit patent owners across a broad range of industries from manufacturing through to consumer businesses.

“Innovative, high-value products are a cornerstone of successful export businesses, which is why the Government has recently unveiled a raft of measure such as the Patent Box and the enhanced R&D tax credits to encourage firms to invest in research and innovation.”