UK recession has ended, accountants claim

The UK recession has ended, it has been claimed, after a study showed a record rise in business confidence among professionals.

The Institute of Chartered Accountants in England and Wales (ICAEW) reported a huge increase in confidence from -28.2 at the end of March to 4.8 at the end of June, the highest jump since 2007.

The research, reported in the Times, questions more than 1,000 chartered accountants and it is the first time the findings have entered into positive territory for two years.

Michael Izza, chief executive of the ICAEW, said that the study “suggests the UK recession is at an end”.

Izza added businesses had helped themselves to survive the recession, such as cutting staff and making other efficiency gains.

However, he warned of challenging times ahead, stating that economic recovery was still very “fragile”.

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