Conditions for UK economy ‘improving in 2013′

<p>The UK’s economy will grow in 2013.</p>

The UK economy will continue its slow recovery from recession during 2013, according to a new report from Ernst & Young.

Its latest quarterly Profit Warnings report found UK quoted companies – main market and AIM listed – issued 72 profit warnings in the first quarter of this year, which is 14 fewer than the previous quarter and one down on the same period in 2012.

Ernst & Young noted that although the number of companies issuing profit warnings fell slightly year-on year, the percentage of companies warning rose very slightly and was up from 4.9 per cent in Q1 2012 to five per cent in Q1 2013.

Keith McGregor, head of restructuring for Europe, Middle East and Africa, said: "The concerted actions of central banks, improving business confidence and rising consumer spending could provide the UK economy with greater resilience in 2013."

Data released by the Office for National Statistics recently showed the UK economy grew by 0.3 per cent in the first quarter of the year, though this figure may later be revised up or down.

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