More than half (58%) of owner-managed businesses predict the economy will improve over the next 12 months, according to the latest UK accounting, tax and business recovery and advisory group Vantis Market.

The survey also shows that 28% expect to increase headcount over the next year, with only 9% looking to cut staff.

David Rankin, managing director of business advisory, tax & assurance at Vantis, says: “It is encouraging that owner-managed businesses, the backbone of the British economy, are putting their money where their mouths are. Whatever the outcome of the forthcoming election, the market environment is becoming more favourable for business.”