It found that 55 per cent of owner-managed businesses (OMBs) anticipate sales growth in the next three months and 62 per cent expect it over the next twelve months.

Tony Leahy of Bank of Cyprus UK said: “Our first OMB Barometer of 2014 shows there is a growing wave of positivity amongst OMBs, buoyed by increasing good news stories from across the economy.”

The research also found that most businesses were unconcerned with the prospect of rising interest rates in the future. 85 per cent said that a rise for 0.5 to 0.75 per cent would have little or no effect on their growth prospects.

Leahy added: “The key to any recovery is sustainability, therefore it is encouraging to note from our research that the vast majority of businesses feel able to weather any modest shift in interest rates as we move through 2014”.

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