The UK will have to wait another one to two years for a full economic recovery, according to a survey of 406 professional services firms.

The UK will have to wait another one to two years for a full economic recovery, according to a survey of 406 professional services firms.

Some 92 per cent of the business owners and managers surveyed by insurer QBE expect at least 12 more months of low or negative growth. Nearly two-thirds (65 per cent) of all respondents think a full-blown recovery will take two years.

However, the majority (78 per cent) of those questioned expect to maintain or increase their own turnover in the second half of this year.

Difficulty in accessing commercial finance and rising inflation were both highlighted as concerns by a majority of businesses, while only 16 per cent of respondents are considering hiring more staff this year.

Data released today shows monthly retail sales up 2.5 per cent by value on June 2009, and up 1.3 per cent by volume.