Small British businesses are feeling upbeat about the UK economy's prospects for 2007.
The latest quarterly small business economic confidence survey from the Bank of Scotland shows that 56 per cent of small business owners are bullish about the state of the UK economy, up eight per cent from last quarter's 48 per cent.
Businesses in the south-east and south-west were the most optimistic, with 85 and 86 per cent of businesses respectively saying they forecast a positive medium-term future.
"This report paints a very encouraging picture for 2007 with rising economic and business confidence levels," Kevin Gillett, head of business banking at the Bank of Scotland, said.
"There are very clearly still some concerns over the impact of ever-increasing legislation, with more and more small business owner-managers indicating that it is harder than ever to keep trading. However their faith in their own entrepreneurial abilities wins out."
Although over two-thirds of small businesses predicted that their businesses will grow by five per cent in 2007, the figures are nevertheless worse than those seen in December 2005, when 61 per cent said they looked forward to the new year.
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