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UK: Business confidence on the rise

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UK businesses are growing in confidence, according to new research, strengthening hopes that the country can emerge from recession in the third quarter.

Many firms are predicting a rise in profits and sales over the coming year, according to a survey by the Institute of Chartered Accountants in England and Wales (ICAEW), published today (24 August).

"The latest ICAEW UK Business Confidence Monitor (BCM) sees confidence in positive territory for the first time in two years," said ICAEW CEO Michael Izza.

The group's report adds weight to speculation that the UK economy may return to growth in the third quarter of calendar 2009.

Izza warned that a full-scale recovery will take some time.

"Although positive growth in the autumn seems more likely, there are concerns about the strength of the recovery.

"Salaries are expected to remain squeezed and with no planned recruitment there is still an air of nervousness among UK businesses. The signs are that the next 12 months are very much about building for the recovery."

To see the full ICAEW report, click here.

 


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