Confidence among business professionals has risen to its highest level in over two years, according to research conducted by The Institute of Chartered Accountants in England and Wales (ICAEW).

Optimism hit its highest level in two years in the third quarter of the year, with confidence increasing to 4.8 at the end of June, from -28 at the end of March.

"This quarter's BCM suggests that the UK recession is at an end. While there is no doubt that the UK economy is on its way to recovery, we shouldn't underestimate the challenges ahead for businesses," said Michael Izza, chief executive of the ICAEW.

Based on the results of the survey the ICAEW have predicted that the UK economy will grow 0.5% in the third quarter of this year.