UK business is coping with the economic fallout following the recent credit crisis and run on Northern Rock, according to a report by BDO Stoy Hayward.

Indeed, business bosses expect the economy to grow by more than its current rate of between 2.5% and 2.7% in the coming months, the accountancy firm’s research indicated.

“UK business is managing to keep its head above water, showing surprising resilience in the face of a multitude of global economic pressures, such as the rise in oil prices and the credit crunch,” the report said.

But BDO warned that there were signs that the UK is beginning to feel the pressure as its business confidence index dropped to its lowest level in 18 months.