The latest NatWest Entrepreneurship Monitor report, published today, found that only 17 per cent think now is a good time to start a business.

In addition, the proportion of people who want to start their own business has dropped from 39 per cent to 14 per cent since the Brexit vote.

Fewer people believe that they have the ability and skills to set up their own business, dropping from 42 per cent to 36 per cent. Further, 34 per cent feel that starting their own business is too risk, and 58 per cent fear failure.

Young people are more likely to want to start up their own business, but the ambition gap in young people, at 20 per cent, is almost double that of the general population at 12 per cent. Results show they are also much more likely to perceive barriers to starting up, are concerned more about risk, failure, accessing start-up money and not having the right skills.

Alison Rose, CEO of commercial and private banking at NatWest, said: “These figures are not surprising but they are a stark reminder of the economic uncertainty and barriers that would-be entrepreneurs are facing.

“This is why it is so important that we step up to support start ups, scale ups and small businesses allowing them to concentrate on establishing and growing their business and creating jobs for the UK economy.”