Business Confidence 'Back At 2007 Level'

British business confidence has hit its highest level since 2007, in fresh evidence that the economy is recovering from the financial crisis.

The finding, in the British Chambers of Commerce's quarterly economic survey, was backed by a pick-up in exports and a strong rise in firms' domestic and overseas sales over the past three months, boding well for official data due later this month.

Other surveys have shown a similar pattern.

Markit's June manufacturing Purchasing Managers' Index (PMI) was the highest in more than two years, as was last week's GfK consumer confidence barometer.

"The UK economy is slowly strengthening," said David Kern, the BCC's chief economist.

"If recent progress can be sustained, there are realistic hopes that growth forecasts will be revised up further," he added.

Britain's recovery since the 2007-08 financial crisis has been the slowest since modern records began, and weaker than in any Group of Seven economy apart from Italy.

At the end of May the BCC forecast that the economy would grow 0.9% this year, but based in part on Tuesday's data, it now expects growth of 0.6% in the second quarter alone.

This compares to 0.3% growth in the first three months of the year.

The BCC survey showed that in the service sector, domestic sales and orders were growing at the fastest pace since the fourth quarter of 2007, while export sales had grown at the fastest rate since the survey began in 1989.

For manufacturers, domestic sales growth was the strongest in two years and export order growth the best in a year.

The data is seen as easing immediate pressure on new Bank of England governor Mark Carney to restart asset purchases through the bank's quantitative easing programme.

Separate data released on Tuesday backed that assessment as activity in the construction sector was found to have grown for the second month in a row.

The PMI for June was at its highest level since May 2012.

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