Britain's economy will grow 1.4% this year and 2.4% next year, chancellor George Osborne said on Thursday as he unveiled big upgrades from the government's independent forecasters, the Office for Budget Responsibility.
That outlook is significantly higher than March forecasts of 0.6% for 2013 and 1.8% for 2014. The brighter picture for economic growth will boost Britain's public finances as taxes flow in faster bringing forward the prospect of a budget surplus.
The estimates for this year and next put Britain ahead of other economies in Europe. The International Monetary Fund forecasts growth of 1% for the eurozone next year and 1.4% for Germany, the currency bloc's largest economy.
The IMF's forecast for UK growth in 2014 is 1.9%. The OBR was widely expected to revise up its forecasts following three successive quarters of solid economic growth.
The forecast for this year marks a significant rebound from 2012 when the Britain eked out growth of just 0.1% but some economists have questioned whether the recovery is built on solid foundations given hard-pressed consumers are being expected to drive much of the growth.
theguardian.com
That outlook is significantly higher than March forecasts of 0.6% for 2013 and 1.8% for 2014. The brighter picture for economic growth will boost Britain's public finances as taxes flow in faster bringing forward the prospect of a budget surplus.
The estimates for this year and next put Britain ahead of other economies in Europe. The International Monetary Fund forecasts growth of 1% for the eurozone next year and 1.4% for Germany, the currency bloc's largest economy.
The IMF's forecast for UK growth in 2014 is 1.9%. The OBR was widely expected to revise up its forecasts following three successive quarters of solid economic growth.
The forecast for this year marks a significant rebound from 2012 when the Britain eked out growth of just 0.1% but some economists have questioned whether the recovery is built on solid foundations given hard-pressed consumers are being expected to drive much of the growth.
theguardian.com
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