Possible reasons for the boost include the decisive General Election result providing greater clarity on the first stage of Brexit, as well as pledges from politicians to end austerity and increase investment in infrastructure and the regions.

However, the report warned that the underlying economic position was challenging.

"While some uncertainties have eased, much remains unknown around future trade agreements and regulatory alignment," said Michael Izza, ICAEW chief.

“It’s essential that businesses are supported through the transition period, and we want to see the government negotiate a free trade agreement that maximises market access for goods and services, and avoids unnecessary bureaucracy for business"