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The majority of small businesses in the UK are confident about their ability to prosper in the coming months, new research indicates.
The recently-released Bank of Scotland Small Business Confidence Index showed that almost 25 per cent of firms expected to achieve growth of ten per cent or more in 2007.
This is perhaps surprising, given that according to the same study, 40 per cent of firms expected general economic conditions in Britain to worsen over the next year.
Kevin Gillett, head of business banking at Bank of Scotland, said: "The index reveals some mixed messages from Britains small business community.
"While many owner-managers anticipate an economic downturn, the majority are confident in their own abilities to ride out any storm and prosper in the coming months.
"In fact, a significant number appear to be taking a bullish stance regarding their own growth prospects."
As usual, the greatest difficulties faced by small businesses appeared to relate to time-consuming red tape.
Around 25 per cent of respondents complained of the difficulties involved in keeping on top of regulations, paperwork such as tax planning - and the legal complexities surrounding company and other legislation.
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