Business confidence in the UK has now been growing for five consecutive quarters, according to a report by the Institute of Chartered Accountants for England and Wales (ICAEW).

The body’s Business Confidence Monitor (BCM) recorded record highs in the final quarter of 2013 across all three major industry sectors: construction, production and services.

The report further supports the feeling that the economic recovery is now well established. Michael Izza, ICAEW Chief Executive, said:

“Finally, the recovery has a broad enough base on which to build and confirms our view that the UK is set to enter next year as one of the fastest growing western economies.”

The BCM also reported other factors that indicate economic growth. For example, reported turnover and profit growth have both shown steady increases and are expected to grow faster over the next year.

However, the ICAEW still think that more needs to be done to ensure growth, especially in terms of the UK export economy. Mr Izza continued to say:

“There is still a real need for the recovery to become more investment and export led and we would like to see the Government do more to encourage this and to ensure the recovery is sustainable.”