Business Confidence Turns Positive

(Reuters) – UK BUSINESS CONFIDENCE has turned positive for the first time in two years, the Institute of Chartered Accountants in England and Wales (ICAEW), said today.

ICAEW said the Business Confidence Monitor (BCM) showed a record rise in confidence from -28.2 to +4.8, the largest quarterly improvement since the monitor began in 2003, and predicts that gross domestic product will rise 0.5 percent this quarter.

‘This quarter’s BCM suggests that the UK recession is at an end,’ said Chief Executive Michael Izza. ‘While there is no doubt that the UK economy is on its way to recovery, we shouldn’t underestimate the challenges ahead for businesses.

‘Although positive growth in the autumn seems more likely, there are concerns about the strength of the recovery,’ he said.

Britain’s economy shrank more than twice as fast as expected in the second quarter to register its biggest annual decline on record, dashing hopes of a speedy recovery from the worst recession in nearly 30 years.

… (01/09/2009) – Retailers May Face Worst Of Recession in 2010

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