A recent survey by the Institute of Chartered Accountants in England and Wales has revealed that business confidence among the Britishers is at a six-yearly high, but the country's economic recovery still seems "very fragile".

As confirmed by the ICAEW figures shared, optimism in UK's business people surged from 4.8 points recorded in the previous quarter, to a new high figure of 24.6 points. Not only is this the highest figure recorded for the year, but also the highest reading since the survey began in 2003. Compared to the previous year's figure of minus 36.3, when the financial crisis was at its worst, the current reading is substantially high.

Despite the very positive confidence figures, the ICAEW was quick to warn that although companies have shared an optimistic outlook and plan to steadily increase investment and employment, tight credit conditions, which still linger on, and concerns over sales and customer demands are troubling British firms.

"The UK economy is undoubtedly in better shape than this time last year and the improvement in confidence shows the relief businesses feel to have kept their heads above water. Although we are still on track for a return to economic growth, the recovery is very fragile and will take time", said Michael Izza, Chief Executive of the ICAEW.

As per ICAEW, a stricter fiscal policy, the VAT's return to its previous figure of 17.5% and difficulties in getting finance are factors which continue to threaten the country's economic recovery.