Losses from counterfeiting cost region £537 million per annum

Read more news - Published Monday 15th November 10 Losses from counterfeiting for the Yorkshire and Humber region are estimated to be at least £537 million per annum, a new report commissioned by the Nanofactory consortium shows. This headline figure does not include potential losses from employment or reduced tax income, so actual losses could be much higher. Nanofactory is a Yorkshire-wide initiative set up to encourage the uptake of emerging technology in the region and is part-funded by European Regional Development Fund (ERDF). It involves six of the region's universities, including the University of Leeds. The report highlights the wide range of market sectors that are being threatened by counterfeiting. These include food and drink, automotive, chemicals, consumer goods, textiles, personal care and pharmaceuticals. As the threats from counterfeiting continue to grow, a trend that is especially likely during a recession, small companies are being affected as well the major brands.