By Jennifer Ryan
Oct. 26 (Bloomberg) -- U.K. business confidence rose to the highest in 18 months, according to a third-quarter survey of senior executives by Opinion Leader Research for KPMG.
Nineteen percent of executives polled say the outlook for business is “good” or “very good,” up from 9 percent in the previous quarter, according to the report, which is published today.
The number of senior executives saying the outlook is “bad” or “very bad” fell to 24 percent from 54 percent in the previous three months. Opinion Leader Research surveyed senior executives at 205 companies from Sept. 14 to Sept. 29.
The report comes after the U.K. economy unexpectedly contracted 0.4 percent in the third quarter, a result forecast by none of the 33 economists in a Bloomberg News survey. KPMG said today the weaker pound is helping recovery by bolstering demand for British goods abroad.
“While at first glance these statistics do look encouraging, we must not forget that opinion is still heavily divided as to whether or not the economy is out of intensive care,” Malcolm Edge, head of markets for KPMG in the U.K., said in an e-mailed statement. “The continued weakness of the pound against the dollar and the euro presents a massive opportunity for British firms.”
To contact the reporter on this story: Jennifer Ryan in London at Jryan13@bloomberg.net
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