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Business confidence improves despite slow growth

 

Confidence among UK businesses is improving, according to the Business Confidence Monitor – a quarterly survey by the accountancy body ICAEW.

 

Despite the slow growth in the economy, the survey suggests that business confidence is at its highest level since 2010, with increased confidence across all sectors, and in all parts of the country.

 

The economy grew by only 0.3% in the first three months of 2013, but the ICAEW claim that improved business confidence should boost the economy further, and they forecast growth of 0.6% in the second quarter of the year.

 

However, the survey also found that plans for growth in business investment remained weak.

 

"There is a gradual improvement in the economy and the recovery is starting to stand on more solid ground," said Michael Izza, the ICAEW chief executive. "We should not be complacent though. There is still a degree of fragility and the economy is susceptible to knock-backs from events outside the UK."