It could take businesses a few years to gain their confidence back, a senior economist at a progressive UK think tank has suggested.

However, Tony Dolphin from the Institute for Public Policy Research (ippr) stated his belief that the economy will start to look recognizable again a few years down the line.

He added that it could take until 2015 to get back to where the economy might have been had there not been a recession.

"It will take a bit of time but most economists think that we will get back to normal growth and low interest rates and other measures will all combine to do that," the senior economist said.

His comments are in line with a report from BDO LLP called Transitions, which predicted the next five years to 2015 will be precarious for many businesses with high levels of uncertainty and risk.

The report said that companies need to think about business planning during this time, and adapt to the new environment and the opportunities it may create.