A chink of light amid the Brexit gloom: companies are planning to bolster spending on innovation to drive business growth.

A CBI survey of over 800 businesses shows that seven in ten plan to increase or maintain their innovation spending following the vote to leave the EU. Only seven per cent plan to reduce their investment.

Last year business invested almost £21 billion on innovation, allowing British firms to develop cutting-edge products and services, attract global investment and expand internationally.

The challenge for businesses is that while the UK innovation system has world-class attributes, it does not currently match their ambitions.

Businesses rate the UK as 10th in the world for innovation.

While some firms view the UK as a world-beater in areas such as access to scientific research (35 per cent) and tax incentives to support investment (30 per cent) – the UK lags behind in other critical areas.

Businesses rate the UK as a follower in areas such as partnering with external companies (21 per cent) and grant funding (14 per cent).

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