The number of new business accounts opened this year is running ahead of last year's monthly average, according to figures released by the British Bankers' Association.

Figures show that 45,403 new business accounts were opened in March - more than the average monthly number in 2008 of 43,773.

While company insolvencies have also increased, Barclays said there had not been the massive surge seen during the last recession in the early 1990s.

"All the numbers seem to say the business stock has been relatively robust, much more so than you would have expected if you talked to companies this time last year," said Julian Frankish, a Barclays economist.