The economic recovery will be driven by small businesses in the Midlands, according to a study by data analyst company KDB.

The study mapped the concentration of shareholder-directors in a given area, which many believe is an indicator of the health and resilience of a local economy.

KDB studied the records of 2.5m companies and found that Birmingham has the highest density of shareholder-directors, followed by West London and Brighton.

"Economists looking beyond the current troubled times towards a period of recovery will be very interested in where the most dynamic and wealth creating firms are likely to be located in the country," said Matt Boot, chief analyst at KDB.