The level of business confidence has surged in the third quarter according to a report by the Institute of Chartered Accountants in England and Wales (ICAEW).

This increased optimism  from traders and professionals may signify an end to the recession in the UK some analyts are quick to claim. The overall confidence level rose from -28.2 up to 4.8 from March to June 2009, marking one of the most drastic leaps since records began in 2003. The ICAEW is predicting an economic growth of of 0.5 per cent, breakinga  trend of five straight quarters of shrinkages.

The chief executive of ICAEW, Michael Izza, went as far as to state “the UK recession is at an end”.

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