Finally some good economic news?

The London Telegraph says that according to the Bellwether Report, a quarterly survey for the advertising industry trade body IPA, business confidence has rebounded from the all-time low in 2008's fourth quarter. The report seems to indicate that a bottom has been reached in the slashing of marketing budgets.

The proportion of companies reporting that prospects had deteriorated fell from 63pc in the fourth quarter of last year to 44pc in the first quarter of this year.

Those who said prospects had improved rose from 5pc to 14pc, suggesting confidence has improved

"This data supports the view that the bottom of the market has been reached," said Moray MacLennan, IPA president and M&C Saatchi's European chairman.

"It will be a long road to full recovery, but this may be the turning point. It is good to see a graph going in the right direction for a change."