British businesses are missing out on billions of pounds in revenue by failing to file international patents at the same rate as rivals in other countries, experts have warned.

According to a report by the Chartered Institute of Patent Attorneys, companies in the UK are filing patents in the key markets of Europe and China at rates of up to 40 per cent lower than their French and German peers.

The World Intellectual Property Organisation also has found that the UK lags behind leading economies in patent filings. It ranked Britain only 16th to 20th in its Global Innovation Index measures related to patents.

This “worrying trend” suggests that British companies and entrepreneurs are failing to protect their inventions and discoveries overseas, according to the