By Daniel Hunter

An overwhelming majority of UK businesses are expecting 2015 to be as good as, if not better than, 2014, with just 3% predicting a worse year, according to an economic outlook survey by Silicon Valley Bank.

Ninety-seven percent of respondents in the UK said they expect business conditions in 2015 to be as good or better than in 2014.

More than half of innovation businesses surveyed in the UK reported raising capital in 2014. And while the success rate for doing so increased compared to the prior year, most executives (86%) said the fundraising environment is challenging.

“Our research has revealed continued optimism and momentum among both startup and long-term players in the global innovation economy, and this trend is increasingly evident in the UK,” said Phil Cox, Head of EMEA and President of the UK Branch for Silicon Valley Bank.

“At a time when the pace of disruption is unprecedented, it is difficult to think of an industry or sector that isn’t embracing innovation for the benefit of its employees, operations and clients. We are proud to be a partner for these businesses and to support them as they grow in the UK and globally.”

Mr Cox added: “Whilst more than half of UK respondents were able to raise private capital in 2014, the majority say that it is a challenge — this is a sign that quality control is working.

“It is clear that we’re seeing the maturation of the innovation economy both globally and in localised markets, such as the UK.”