Independent Financial Advisors (IFAs) are increasingly confident about the prospect of long-term growth in the UK economy.

A survey by Virgin Money found 83 per cent of IFAs are recommending UK shares to investors over the next three months.

By way of contrast, only 74 per cent of IFAs recommended UK shares to investors in the last quarter, and the latest figure is also six per cent higher than the equivalent result from this time last year.

That said, Virgin Money spokesman Grant Bather has noted that continuing uncertainty in the UK market is highlighted by the fact that IFAs believe stronger returns are likely to be had in emerging markets and the Far East.

IFAs say they are most likely to recommend UK shares but are most optimistic about returns from emerging markets and the Far East, he confirmed.

However, UK shares remain to some extent a safe haven and are a known quantity for investors and advisers.

Recent times have seen BP dominate trading, with the embattled oil giant accounting for two-thirds of buys among TD Waterhouse customers in the week ended June 15th.