A CBI survey of over 800 businesses - supported by Deloitte and Hays - 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 . 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 . While some firms view the UK as a world-beater in areas such as access to scientific

research ( 35 %) and tax incentives to support investment ( 30 %) – the UK lags behind in other critical areas . Businesses rate the UK as a follower in areas such as partnering with external companies ( 21 %) and grant funding ( 14 %). In order to support businesses ’ ambition to make the UK an innovation powerhouse , the CBI is calling on government to commit

to a long term-target of 3 % public and private spend on R & D . Looking ahead to the upcoming EU negotiations , firms have a number of top priorities that will enable them to innovate in the future – access to skills ( 66 %), tariff-free access for goods ( 41 %) and keeping common regulatory standards ( 38 %). 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 . “ Spending on innovation generates jobs and economic

growth across the country , offering solutions to the challenges we face today and in the years ahead from improving healthcare and mobile technology to a new generation of autonomous vehicles . “ While the UK has many innovation strengths to build on , businesses are worried that the country is too much of a follower in the global economy , with the lack of access to technical skills a grave concern for ambitious firms .”

www . cbi . org . uk

The average amount written off by UK SMEs in the last year is £ 11,708 , representing just under £ 50 billion in written off debts , or £ 134 million every day . According to the study conducted among 500 small businesses owners , medium-sized businesses with between 50 and 249 employees are the worst affected by delayed payments with a quarter ( 24 %) of invoices remaining unpaid after their debtor day period or not at all . Firms of this

size lose an average of £ 33,750 a year through unpaid debts . One-in-five ( 18 %) SMEs said they had lost contracts due to cash flow problems . In order to mitigate the impact of late payments , growing numbers of SMEs are turning to invoice finance to secure reliable cash flow . While 8 % of firms said they currently use invoice finance an additional 19 % of business owners plan to use it in future including 11 % in the next 12 months .

Amicus Commercial Finance provides a revolving working capital facility . Its ‘ Intelligent Cash flow ’ solution is user friendly , so firms can easily access working capital . John Wilde , managing director of Amicus Commercial Finance , commented : “ Our research shows

that not only is there a reliance by many UK SMEs on clients ’ invoices being paid within the debtor day period , but that despite this , significant amounts of debt are being written off due to non-payment .” According to the research , the biggest challenges caused by

cash flow shortages included paying suppliers , cited by 41 % of business owners , meeting debt repayments ( 30 %), buying inventory ( 29 %) and paying staff ( 24 %).

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