IMF Raises Growth Forecast For the UK

From 1.9 percent to 2.4 percent

The International Monetary Fund (IMF) has raised sharply its growth forecast for the UK economy.

It now expects the economy to grow 2.4% this year - faster than any other major European economy - against its previous forecast of 1.9%. In 2015, it expects growth of 2.2%.

This brings its 2014 forecast in line with that of the UK's Office for Budget Responsibility.

The IMF also raised its global growth outlook slightly to 3.7%.

"Global growth is expected to increase in 2014 after having been stuck in a low gear in 2013," its latest report said.