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August 24, 2009updated 12 Apr 2017 4:33pm

UK business confidence turns positive, GDP to rise – ICAEW

Business confidence in the UK has moved into positive territory for the first time in two years, according to the latest survey by the Institute of Chartered Accountants in England and Wales (ICAEW). The latest ICAEW UK business confidence monitor showed a record rise in confidence, from -28.2 to 4.8, the highest level since Q32007

By Jason T

Business confidence in the UK has moved into positive territory
for the first time in two years, according to the latest survey by
the Institute of Chartered Accountants in England and Wales
(ICAEW).

The latest ICAEW UK business confidence monitor showed a record
rise in confidence, from -28.2 to +4.8, the highest level since
Q3/2007. Based on this, the ICAEW predicts that GDP will rise by
0.5 percent this quarter.

“This quarter’s business confidence monitor suggests that the UK
recession is at an end,” said Michael Izza, chief executive of the
ICAEW.

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

However, the survey also demonstrated that businesses had looked
to cut costs where they could, including a reduction in the number
of employees (-2.9 percent), cutting staff development (-1.5
percent), and, perhaps most important for lessors, cutting capital
investment (-1.47 percent).

Jason T Hesse

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