Two thirds of businesses do not expect a positive impact from Brexit, with more than half admitting that they do not feel more confident than a year ago, according to report by Lloyds Bank.

The Ambition Index Report, produced by Lloyds Bank National Business Awards surveyed 600 business leaders from UK-based SMEs and mid-sized businesses about their attitudes towards the impact of Brexit.

Among the third of businesses that were hopeful for a positive impact from Brexit, 23% expected fewer constraints, and a further 23% believing it would provide a good chance for foreign trade investment.

Less than half of businesses were more ambitious in 2017 than in 2016. Of the businesses that felt less ambitious, 42% attributed it to bad management, and 38% to an unclear business strategy.

By region, businesses in Southampton were the most ambitious, with 76% considering themselves ‘always ambitious’. Manchester was the least, with 55% agreeing with the statement.

Tom Broughton, group brand director of the National Business Awards said: “We can see how ambition filters through those at the helm of businesses, across all regions and companies of various sizes.”

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By GlobalData