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24/08/2009
UK Business Confidence Up
City business professionals have recorded a rise in market confidence, which could signal an end to the UK recession.
An index survey by the Institute of Chartered Accountants put business confidence for the end of June at 4.8.
The rise, the largest in two years, becomes more potent when pitted against March's figure of -28.2.
However, the challenges still facing the market should not be "underestimated," according to chief executive Michael Izza.
Growth in the third quarter of 2009 is expected to be around 0.5%, following a dip of 0.8% in the last quarter.
Commenting on the report, which factored in the responses of more than 1,000 chartered accountants across England, Wales and Scotland, Mr Izza said: "This quarter's Business Confidence Monitor suggests that the UK recession is at an end.
"While there is no doubt that the UK economy is on its way to recovery, we shouldn't underestimate the challenges ahead for businesses."
Some caution is still prevalent in the business community, according to figures. When asked, 41% of senior professionals said they were 'more confident' about their business prospects in 2010, while only 6% suggested they were 'much more confident'.
IT, banking and the financial sector appeared the most confident, while reservations were voiced in the health and education sector, where public spending cuts are predicted.
(PR/KMcA)
An index survey by the Institute of Chartered Accountants put business confidence for the end of June at 4.8.
The rise, the largest in two years, becomes more potent when pitted against March's figure of -28.2.
However, the challenges still facing the market should not be "underestimated," according to chief executive Michael Izza.
Growth in the third quarter of 2009 is expected to be around 0.5%, following a dip of 0.8% in the last quarter.
Commenting on the report, which factored in the responses of more than 1,000 chartered accountants across England, Wales and Scotland, Mr Izza said: "This quarter's Business Confidence Monitor suggests that the UK recession is at an end.
"While there is no doubt that the UK economy is on its way to recovery, we shouldn't underestimate the challenges ahead for businesses."
Some caution is still prevalent in the business community, according to figures. When asked, 41% of senior professionals said they were 'more confident' about their business prospects in 2010, while only 6% suggested they were 'much more confident'.
IT, banking and the financial sector appeared the most confident, while reservations were voiced in the health and education sector, where public spending cuts are predicted.
(PR/KMcA)
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