LONDON (AP) -- British business confidence rose in the May through August period to its highest level in two years, an industry group reported Monday, indicating that the economy could soon start growing again.
The business community was largely more optimistic than not for the first time since the May-August period of 2007 -- before the global financial crisis erupted and Britain fell into recession -- according to a report by the Institute of Chartered Accountants in England and Wales.
The institute said the turnaround was the most dramatic jump since its survey was introduced in 2003.
The finding "suggests that the U.K. recession is at an end," the institute's Chief Executive Michael Izza said in a statement. He said his group was cautiously optimistic about the prospects for Britain's recovery.
The institute said it expected Britain's economy to grow in the next quarter, explaining that inventory levels were low, confidence in the financial markets was recovering, and that an increasing number of businesses canvassed were projecting an increase in turnover and profits.
The group based its findings on telephone interviews with over 1,000 members active in British business between May 13 and August 3.