Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

World

Britain free of recession

LONDON, Aug 24 – A record recovery in Britain\’s business confidence signals that the country\’s recession "is at an end," an industry body here said on Monday.

Optimism among professionals moved to its highest level for two years in the current third quarter, according to research by the Institute of Chartered Accountants in England and Wales (ICAEW).

The confidence measure jumped from minus 28.2 to 4.8, the largest quarterly improvement since the survey began in 2003.

The group\’s third quarter survey "suggests that the UK recession is at an end," said ICAEW chief executive Michael 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," he added in a statement.

Officially, Britain remains in recession after government data showed its economy shrank by 0.8 percent in the second quarter — marking the fifth quarterly contraction in a row.

The second official estimate of Britain\’s gross domestic product in the second quarter is due out on Friday.

Economists are widely predicting a return to growth in the third quarter, or July-September period. France, Germany and Japan have all exited recession, it was announced this month, after the world\’s worst financial crisis in decades.

 

Advertisement. Scroll to continue reading.
Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...