Britain upgrades 2014 economic growth forecast to 2.7%

19th March 2014, Comments 0 comments

Britain will grow faster than expected before next year's general election as the country's economic recovery picks up speed, finance minister George Osborne said on Wednesday in his annual budget.

Gross domestic product was set to grow 2.7 percent in 2014, up from the previous forecast for expansion of 2.4 percent, said Chancellor of the Exchequer Osborne, 14 months ahead of national polls.

The British economy was then predicted to expand by 2.3 percent in 2015, upgraded from the previous growth estimate of 2.2 percent.

"The economy is continuing to recover and recovering faster than forecast," Osborne told parliament alongside his latest tax and spending plans.

"We set out our plan and together with the British people, we held our nerve, we're putting Britain right. But the job is far from done."

The economy had expanded in 2013 by 1.8 percent, which was the fastest growth rate since before the global financial crisis.

© 2014 AFP

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