Hull is leading the way when it comes to innovation.
The city has the highest number of research and development tax relief claims in the whole of Yorkshire and Humber, with experts citing chemical production and medical equipment manufacture.
A total of 135 successful submissions were made according to the latest figures from HM Revenue & Customs, representing 1.98 per cent of all enterprises in the area.
West Yorkshire came second (1.82 per cent), with East Riding of Yorkshire third (1.81 per cent).
In contrast, across the Humber, North East Lincolnshire recorded the fewest per business, with a rate of just 0.98 per cent.
Introduced in 2000, R&D tax credits are designed to drive competitiveness in British business by incentivising companies to invest in innovation.
In total Yorkshire and Humber companies secured a total of 3,350 R&D tax relief claims, with £175 million in tax relief received on the back of nearly £1.1 billion of spending.
Ian Wolfendale, innovation funding specialist at ABGI 海角视频, a company that works with the likes of Fiat, General Electric and Hermes, highlighted why Hull was in pole position. He said: “Today’s HMRC figures form the basis of our Innovation League Table. It shows Hull leading the way in making successful R&D tax relief claims in the Yorkshire and Humber region.
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“A relatively high percentage of local companies in key sectors such as chemicals and medical equipment manufacturing are driving its strong regional placement. Significant numbers of local businesses have been successful in securing R&D tax relief for their investment in innovation to improve operational processes and enhance competitiveness.
“At a time when the Covid-19 pandemic is having such a detrimental impact on the 海角视频 economy, investment in innovation, with support in the form of R&D tax relief credits and other government incentive measures will be more essential than ever.”
RB recently underlined Hull's role in the development of Dettol as it launched a huge new global initiative, which brings potential expansion to the city, with the company having also just opened a £105 million Science and Innovation Centre.
University of Hull is also a strong advocate for product innovation, be it manufacturing or technological, with the likes of C4Di helping to nurture digital developments.
The R&D tax relief statistics came 24 hours after the Queen’s Awards for Enterprise were published, with innovation a key strand. A total of 15 regional companies were named, but not a single new Hull or East Yorkshire business was added to previous recipients.