Chairmen of some of the UK’s biggest retail businesses have become significantly more optimistic about prospects for the economy as well as the performance of the coalition government.

The fourth annual survey of retail chairmen by head-hunter Korn Ferry reveals that more than three-quarters of bosses (76 per cent) think ministers are doing at least "reasonably well”.

The warmer sentiment chimes with an overall sunnier outlook on the UK economy, about which 73 per cent of respondents were optimistic. That compares with just 15 per cent last year.

The 33 chairmen interviewed by Korn Ferry represent 44 per cent of the UK’s retail output in sales, collectively worth £141 billion a year.

“They were right to hold the line on austerity and public finances. They were right to encourage liquidity measures,” said John Lewis Partnership chairman Charlie Mayfield in response to the survey.