The International Monetary Fund (IMF) has upgraded its growth forecast for the UK
economy this year.
The global institution upgraded its prediction for UK growth to 1.6% for this
year from its previous estimate of 1.5%.
As well as upgrading its outlook for the UK, the IMF suggested the UK economy
would perform better than European economies such as Germany, France and Italy
over the next two years.
However, the latest IMF figures suggested the UK economy had weaker growth last
year than the organisation had expected.
Rachel Reeves, Chancellor of the Exchequer said:
'The UK is forecast to be the fastest growing major European economy over the
next two years and the only G7 economy, apart from the US, to have its
growth forecast upgraded for this year.
'I will go further and faster in my mission for growth through intelligent
investment and relentless reform and deliver on our promise to improve
living standards in every part of the UK through the Plan for Change.'
Internet link: IMF HM Treasury