UK 'coming out of recession'

Levels of confidence in the UK economy have risen significantly over recent months, a new report from the Institute of Chartered Accountants has revealed.

Following on from the figure of -28.2 recorded at the close of the first quarter of the year, the professional body has reported that its index of business confidence stood at 4.8 at the end of June.

Furthermore, with the institute now predicting that the UK economy will grow by 0.5 per cent over the third quarter of 2009, it has claimed that the recession in Britain could now be at an end.

However, the institute’s chief executive Michael Izza has warned against over-optimism.

’While there is no doubt that the UK economy is on its way to recovery, we shouldn’t underestimate the challenges ahead for businesses,’ he said.

At the same time, the website uSwitch.com has reported that 44 per cent of UK consumers feel the UK will come out of recession by the end of 2010 at the latest.

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