BUSINESS leaders are confident in the economy for the first time since Article 50 was triggered, research from the Institute of Directors shows, with future EU trading arrangements no longer among top concerns.

In a poll of 700 company directors across the UK, conducted in March, optimism on the economy is higher than at any time since Theresa May began the process to take the UK out of the European Union.

The IoD found net confidence among those polled was one per cent, up from -3% last month, having dipped as low as -37% in June 2017. The result is the first positive net confidence score since April 2017.

In spite of this, economic conditions remained of most concern for directors asked about factors having a negative influence on their business.

For the first time since withdrawal negotiations began, uncertainty over UK’s future trading status with the EU has fallen out of the top three concerns of business leaders, according to the IoD.

Skills shortages and compliance with government regulation now occupy the second and third spots.

The latest rise in confidence follows an earlier jump after December’s announcement that sufficient progress had been made in the first phase of the Brexit talks.

Separate research by Bibby Financial Services has found that 53% of Scottish small and medium-sized enterprises expect a sales increase.