IT sector buoyant as recession ?ends’

Confidence among business professionals has moved to its highest position for two years, according to data provided by the Institute of Chartered Accountants (ICAEW).

Based on statistics drawn from ICAEW’s Business Confidence Monitor – where over 1,000 chartered accountants were surveyed – confidence climbed out from minus-28.2 points to 4.8.

Of the fourteen sectors observed, it was the IT sector that received the most confidence.

The leap was the biggest on record and, crucially, the first since the global credit crisis first surfaced back in 2007.

The institute predicts the UK economy will grow by 0.5 per cent in the third quarter.

“This quarter’s BCM suggests the UK recession is at an end,” said ICAEW chief Michael Izza.

“While there is no doubt the economy is on its way to recovery, we shouldn’t underestimate the challenges ahead for businesses.”

The UK is expected to officially tip out of recession in a matter of weeks, where the Office for National Statistics will reveal GDP growth for the first time after five consecutive quarters of contraction.