Is it going to be a V, W or U??

A record surge in confidence among business professionals indicates Britain's recession is at an end, according to research.

Optimism among professionals in the third quarter hit its highest level since the start of the financial crisis two years ago, the Institute of Chartered Accountants in England and Wales (ICAEW) said.

The confidence measure jumped to 4.8 at the end of June from -28.2 in March - the biggest improvement since the survey began in 2003. The institute predicts that the economy will grow by 0.5% this quarter, breaking five quarters of falling output.

ICAEW chief executive Michael Izza said the findings suggest that "the UK recession is at an end".

He added: "While there is no doubt that the UK economy is on its way to recovery, we shouldn't underestimate the challenges ahead for businesses."

The FTSE 100 rose 41.81 points to 4891.70 in early trading on Monday , a rise of 0.84%, following Friday's near-100 point gain when the inde x pushed through 4800 for the first time since last October.

Asian shares also rose strongly on fresh optimism over the global recovery, following upbeat comments from US Federal Reserve chairman Ben Bernanke and news that Thailand has come out of recession.

The ICAEW survey showed that UK businesses expected a rise in all but one of 14 key financial performance indicators in the coming year, in contrast to earlier in the year when most were expected to contract.

The research found 41% of senior business professionals were more confident about the economic prospects facing their business in the next year. But only 6% were much more confident, indicating a continued level of caution over the timing and speed of the recovery.

IT was the most optimistic sector, followed by banking, finance and insurance firms. The survey found "a remarkable upturn" in confidence in the banking sector. Signs of stabilisation in the housing market also helped boost optimism for property firms.

Debate now centres not on when the recovery will come but in what form it will be; as economist debate a 'V', 'U' or 'W' shaped recovery..

But more of that anon..

Wind City Afrika

Fes has just returned from a wonderful break in Morocco; our first time in this fascinating country and most certainly not to be our last. Although we were working with one of the developers in the town of Essouria, we had the opportunity to take a few days out to have a look round and enjoy the surroundings a little - a rare treat.

Keen to control our costs, we booked our flight to Marrakesh with our old friends Ryanair. And we were stunned by the efficiency and friendliness on board! The flight took off and landed on time (there and back) and the cabin staff were excellent. In fact, the hostess on our return was the very self same Magdelena that appeared, clad only in her swim suit, reclining in the mouth of a Rolls Royce engine as this months Ryan's Girls!

Essouria is 150km to the west of Marrakesh and enjoys the new moniker of 'Windy City Afrika'. And it is! A haven for windsurfers and kite surfers alike, the sea is lively without being too dangerous, the beaches are wide and flat and open and the wind strong and incessant. There's a very efficient Club Mistral at the end of the long beach that offers some highly economical packages for those wishing to try their hand or improve their technique. All the instructors are, of course, supremely talented and multi-lingual to cater for all nationalities.

We found the Moroccan people, charming, friendly, honest, modest and full of integrity. It was a joy to spend some time in their country and a pleasure to meet and work with the people we met. Particularly, we would like to thank Abdul our helper, Said our driver and importantly, Hassan our barman!