‘UK economy to have modest recovery in 2013’

LONDON: The UK economy will have a “modest” recovery this year and business confidence is strengthening, according to the British Chambers of Commerce.

A gauge of sentiment rose “markedly” in the fourth quarter, though it remained weak by historical standards, the London-based group said in a quarterly survey on Tuesday. Measures of domestic and export orders at both manufacturers and services companies rose, it said.

“The economy is making progress, despite the numerous challenges it has faced,” said BCC Director General John Longworth. “Despite rising business confidence, it is clear that economic growth remains weak and that nurturing it must be a top priority.”