LONDON DEC. 6 (People's Daily Online UK)——A CBI survey of over 800 businesses shows that 70% of respondents plan to increase or maintain their innovation spending following the vote to leave the EU. Only 7% plan to reduce their investment. The Confederation of British Industry (CBI) speaks on behalf of 190,000 businesses of all sizes and sectors across the UK.

Last year business invested almost £21bn 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.

Carolyn Fairbairn, CBI Director-General, said:

“The UK will need to work hard to become the front-runner in global innovation, creating a pioneering economic role for itself in the world that drives prosperity in every corner of the UK.

“Innovation is the nucleus of future economic and social development, so it’s encouraging that seven out of ten firms will keep up - or even raise – their spending on new technologies and work practices to grow their business.

“As we prepare to depart the EU, this shows that firms are rolling up their sleeves and looking to make the best of Brexit.”