BoE upgrades growth forecast for 2013 to 1.6%

The Bank of England has upgraded its growth forecast for 2013 from 1.4% to 1.6% and for 2014 from 2.5% to 2.8%.

Governor Mark Carney said "the recovery has finally taken hold".

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Bank raises growth forecast

The Bank of England upgraded its growth forecast for 2013 from 1.4% to 1.6% today and announced "the recovery has finally taken hold". The moves comes after government figures showed unemployment had fallen by 48,000.