UK firms are being warned that they could miss out on business due to increased risk aversion brought on by the economic climate.

A study by insurer RSA and forecasting group the Future Foundation found that 63% of companies surveyed thought that new found business conservatism would lead to missed opportunities.

The research also revealed that risk taking was once exemplified by entrepreneurs such as Sir Alan Sugar and Richard Branson, but due to the economic crisis is now associated with figures such as Sir Fred Goodwin.

Alan Clarke, UK economist at BNP Paribas said that risk-aversion "may well be a contributing factor to sub par performance in the coming years."