Business confidence at 6-year high

LONDON (Reuters) - Confidence among British businesses has climbed to a six-year high, the Institute of Chartered Accountants in England and Wales (ICAEW), said on Monday.

The Business Confidence Monitor survey showed a 24.6 rise for the fourth quarter, up from 4.8 in the third quarter, the Times newspaper said.

This is the highest reading since the series began in 2003.

"The recovery is very fragile and will take time," Michael Izza, chief executive of the ICAEW said. "Tightening of fiscal policy, the return to the 17.5 percent VAT rate, continued difficulties accessing finance and a budget Christmas by consumers are all potential threats to this recovery."

(Reporting by Michael Taylor; editing by Bernard Orr)