By Daniel Hunter

Confidence in sales and revenue growth among small businesses has increased to its highest level since April 2014, according to the latest release of the Owner Managed Business (OMB) Barometer from Bank of Cyprus UK.

More than half of OMBs (52%) surveyed expect to see growth over the next three months compared to 45% in December 2014, while 61% expect an increase over the next year, which is up from 59% previously.

When it comes to finances and cash flow, 70% of small businesses are satisfied that their current borrowing commitments are sufficient to meet their cash flow and business investment requirements over the next 12 months, and 43% of respondents are confident that their bank would agree to a request for new/increased facilities.

Tony Leahy of Bank of Cyprus UK said: “The timing of the results indicate that business confidence was not negatively impacted by the run up to the General Election and a new government, which is reassuring. All eyes will now be on the new budget on 8 July, along with the publishing of the Chancellor’s plans to improve UK productivity."