Business owners are increasingly confident that the UK’s economic recovery will be sustained and that they will reap the benefits, according to a new survey.

The Bank of Cyprus UK’s ‘Owner-managed business barometer’ shows that 55 per cent of owners expect sales growth in the next three months, up from just a third this time last year.

It also found that nearly two-thirds, or 62 per cent, of respondents thought their business would grow in the coming 12 months.

Good news from the economy and a helpful Budget delivered in March is promoting this view, according to the Bank of Cyprus UK.

Tony Leahy from the bank 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 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.”