UK business confidence “in positive territory for the first time since 2007”
The latest UK Business Confidence Monitor Report for Q3 2009, produced by the Institute of Chartered Accountants, shows that business confidence has risen dramatically since Q1 2009, at which point confidence levels were at their lowest since the report began in 2004.
The report shows that confidence is now in “positive territory”. The change seen this quarter is the largest quarterly improvement since the Business Confidence Monitor began.
Michael DM Izza, Chief Executive of the Institute of Chartered Accountants in England and Wales, says:
“Having implemented robust business strategies in response to unprecedented global economic conditions, businesses now forecast growth in profit, turnover and sales during the year ahead.”
The report shows that four in ten senior business professionals interviewed are more confident about the economic prospect of their company over the next 12 months, compared with the last year.
Douglas McWilliams, ICAEW Economic Partner, says:
“The latest ICAEW UK Business Confidence Monitor (BCM) shows a significant improvement in confidence. The Confidence Index has moved into positive territory for the first time since Q3 2007 when the credit crunch was in its infancy,” adding, “BCM indicates that positive growth could return this quarter.”
However the report also highlights that some caution remains – as only 6% of professionals interviewed reportedly felt “much” more confident.
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