FIRMS REMAIN cautious going into the fourth quarter, according to research released today, despite the UK’s escape from recession.
Business confidence climbed to 4.2 for the last three months of the year, accounting body ICAEW said today, from 1.1 in the third quarter.
“While the UK economy has come out recession, business confidence is still very fragile,” said ICAEW boss Michael Izza, “More needs to be done to secure the UK's long term economic outlook by encouraging businesses to invest and stimulate growth.”
However soft the recovery, the Eurozone crisis means the UK will be the fastest growing major economy in the continent, according to data from Cebr, also released today. The economics consultancy forecasts UK GDP growth of 0.8 per cent for 2013, comparing favourably to France, Spain, Italy and even Germany.