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Institute of Chartered Accountants releases upbeat Business Confidence Monitor

The Institute of Chartered Accountants in England and Wales has today issued its quarterly Business Confidence Monitor which indicates that UK GDP will rise by 0.5% in the third quarter of 2009. This is totally at odds with the vast majority of UK economists and UK analysts, as well as the Bank of England, and has surprised many people on the upside. The fact it comes at a time of renewed optimism in the US has added further fuel to the fire that perhaps the UK economy has turned and UK businesses are looking to the future with more confidence.

It is difficult to overstate the fact that confidence, both from consumers and businesses, is the vital element of a recovery in the UK economy. It is not something which can be manufactured or something which can be manipulated, as it is a natural move to an upbeat strategy from UK consumers and UK businesses. If, as this business survey would suggest, confidence is rising in the UK business arena this could be the springboard the UK economy requires to push on towards a full scale recovery.

Is this really a turning point in UK economy or yet another false dawn?

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