The recession is at an end according to a new survey which has revealed that confidence among business professions has surged.
The Institute of Chartered Accountants’ index of business confidence rose to 4.8 at the end of June, from -28.2 in March, the biggest rise for two years.
The institute predicts the UK economy will grow by 0.5 per cent in the third quarter, taking the country out of recession.
Its forecast comes after the economy shrank by 0.8 per cent in the second quarter of the year.
More than 1,000 chartered accountants were surveyed across England, Wales and Scotland.
Institute chief executive Michael 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.”
About 41 per cent of senior professionals were more confident about their business prospects in the next year, but only 6 per cent were much more confident, indicating that some caution remains.