View from Cyprus is getting sunnier

The mood is brightening among small businesses, according to a new survey.

The Bank of Cyprus UK grilled 500 owners or part-owners of companies employing fewer than 50 staff on the outlook for their businesses, and 38 per cent believe their revenues will increase over the next three months.

OK, that leaves a majority not expecting any growth or predicting a loss, but this does represent an improvement from the first quarter when only 31 per cent were feeling optimistic. Things get even cheerier in the longer term; virtually half – 49 per cent – of those asked predicted an increase in revenues over the next year.

Bank of Cyprus UK's Tony Leahy believes the survey is heartening, saying that in "the current climate, any bit of optimism from the smaller-end of the UK business community is to be welcomed".

The lender also says 20 per cent claim there is no real barrier stopping their business from growing in the next year – but 48 per cent believe the main obstacle is a lack of confidence in the economy.