British businesses are suffering some of the highest fraud rates in the world as corruption and bribery rise sharply, a leading accounting firm warns today. A report by PwC says the cost of fraud to British companies has almost doubled, as crime beneath senior management level flourishes.

The research comes amid a range of government anti-fraud initiatives. Tony Parton, a PwC partner, said the research showed fraud was a concern "not just ethically but to the bottom line".