BUSINESSES in Scotland are, overall, among the most confident in the UK, with only those in the West Midlands collectively more upbeat, a survey shows.

Scotland also reported the fastest rate of total sales volume growth anywhere in the UK, of 5.3 per cent in the year to the third quarter, according to the survey published yesterday by the Institute of Chartered Accountants in England and Wales.

ICAEW cited growth in exports and domestic sales as a “likely reason” for positive sentiment among Scottish businesses.

It noted that, at 4.9% and 3.6% respectively year-on-year, growth in Scottish companies’ exports and domestic sales were both outpacing the UK averages.

Business confidence levels in Scotland remained “firmly positive”, with a headline reading of +9.9, ICAEW declared.

The professional body said that regulation and staff turnover were rising concerns for Scottish companies. But it emphasised that businesses north of the Border anticipate further improvements in exports, domestic sales and profit growth in the year ahead.

In the survey, 30% of Scottish businesses reported concern over staff turnover. This was up sharply from 20% a year earlier.

ICAEW Scotland president Neil Strong said: “It is always encouraging to see positive results in Scotland, especially when this is part of an ongoing trend.”