This is the strongest result in nearly ten years, and a significant increase on last year, when only half of respondents (52 per cent) displayed such optimism.

Most businesses also expect profits to rise in the year ahead. However, a third of businesses – the largest number for more than ten years – also anticipate higher selling prices, fuelling worries that counter-inflationary measures will continue.

‘These results paint a mixed picture,’ says Alysoun Stewart, head of Grant Thornton’s Strategic Services Group. ‘On the one hand, businesses are extremely positive about turnover and profitability, with results well ahead of the EU average. But the rise in selling price expectations is worrying.’

Exports are another area of concern. Only 37 per cent of UK businesses export, a decrease on last year’s figure of 39 per cent. This puts the country at the bottom of a league table of European nations, well behind the leaders Italy (63 per cent) and Poland (54 per cent), and beneath the EU average (49 per cent).

‘Businesses are often nervous and uncertain about the risks of entering new markets, but they cannot afford to be either shy or complacent and rely solely on the domestic market, particularly if the economy was to experience a downturn,’ adds Stewart.

The Grant Thornton International Business Report surveyed 7,200 companies. Of these, 600 are based in the UK, with an employee headcount of between 50 and 500.