Businesses increased investment in their companies in the first quarter of the year, according to figures released by the Office for National Statistics.

The first three months of 2010 saw business investment rise by 6% to £29m compared to the last quarter of 2009. However, investment is still 11% lower than in the first quarter of last year.

"Importantly, business investment has risen in the first quarter of 2010 after long declines. But, it is still lower than a year ago, and action must be taken to ensure further increases throughout this year and beyond," said David Kern, chief economist at the British Chambers of Commerce.