However, on the downside a fifth say they will be unlikely to repay government backed borrowing, finds research from accountancy firm Kreston Reeves.

The research published in a report Shaping your future is based on the views of 652 business owners from across the UK in October 2021.

Although government coffers will suffer from the failure to pay back covid loans, businesses are upbeat for their future – 39% expect to see turnover increase by up to 25% in the next 12 months, and 27% expect turnover to increase by between 26% and 50%.

However, wider economic issues are dragging on confidence with just over half (52%) of businesses experiencing supply chain delays of up to six months, with a third (32%) looking to reduce output as a result.