By Daniel Hunter

A new report by accountants Grant Thornton suggests that the UK is set to grow faster than any other Western economy.

Its regular monitor of business confidence, conducted with the industry body ICAEW, suggests economic growth of 1.3% in the fourth quarter of 2014.

It says it has identified signs of rising business confidence. Its view of the economy mirrors that of the CBI, whose recent assessment also suggest a strong pick-up in growth.

The ICAEW/Grant Thornton report says the recovery is happening among both business and consumer sectors and that companies are expecting growth in exports and business investment next year.

It says confidence in business is at its highest for the 10 years it has been running and has also been the longest sustained period of rising optimism registered.

"This quarter's report shows that the UK economic recovery is well underway," Michael Izza, chief executive of ICAEW, said.

"If it continues at this rate, the UK economy will be one of the fastest growing economies in the western world going into 2014."

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