Britain's small businesses are overwhelmingly optimistic about prospects for growth in 2015, according to research conducted by mobile network operator EE.
The survey of 1,000 small businesses shows 69 per cent believe they will enjoy double-digit growth next year, with an average projection of 26 per cent growth.
However, the research was not all good news. While businesses may be bullish about their growth prospects, 42 per cent say they are ill-equipped to meet the new demand.
Businesses said the factors holding them back are access to technology, office space, and the ever-present skills shortage. Concerns over a lack of labour have been particularly rife in recent months.
The survey throws into sharp relief the risks of reducing immigration. In August, the National Institute of Economic and Social Research (Niesr) published a report showing a cut in net migration to 105,000 per year would cause the UK economy to be 11 per cent smaller by 2060 than it otherwise would be.
A report published by the Chartered Institute for Personal Development (CIPD) today found while immigrants from Europe increased the chances of young Brits getting a job, they were not undercutting wages.
The survey of 1,000 employers found firms employing EU migrant workers were more likely to report growth over the last two years than businesses that didn't.