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BBC - Recession 'at an end'

Confidence among business professionals has seen the biggest rise for two years, suggesting the UK recession is at an end, a survey has said.

The Institute of Chartered Accountants' index of business confidence rose to 4.8 at the end of June, from -28.2 at the end of March.

However, chief executive Michael Izza warned against "underestimating" the challenges ahead for businesses.

The institute predicts the UK economy will grow by 0.5% in the third quarter.
Its forecast comes after the economy shrank by 0.8% in the second quarter of the year.

More than 1,000 chartered accountants were surveyed across England and Wales.

"This quarter's Business Confidence Monitor suggests that the UK recession is at an end," said Mr Izza. "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% of senior professionals were more confident about their business prospects in the next year, but only 6% were much more confident, indicating that some caution remains.

IT was the most optimistic sector, followed by banking, finance and insurance. The institute said the banking sector in particular had shown "a remarkable upturn given the turmoil of the last two years".

Gerald Celente: Jobless recovery is like being half pregnant

"You cannot create phantom money out of thin air, based on nothing, and producing practically nothing, without destroying the economy and the dollar."