Business confidence surge suggests 'recession is over'

Date: 24th August 2009

New research from accountants shows that business confidence is soaring and adds that the recession could be over in the UK.

Levels of confidence among Britain's accountants and business leaders have increased dramatically over the few months, suggesting that the worst could be over for the UK economy.

That is according to a new report from the Institute of Chartered Surveyors, whose own index of business confidence stood at 4.8 at the end of June.

This compares to the figure of 28.2 in the negative, recorded at the end of the first quarter of the year.

The professional body is now confident that the UK economy can grow by 0.5 per cent over the three months to the end of September.
Welcoming the figures, the institute's chief executive Michael Izza noted: "This quarter's Business Confidence Monitor suggests that the UK recession is at an end."

He added: "While there is no doubt that the UK economy is on its way to recovery, we shouldn't underestimate the challenges ahead for businesses."