UK growth forecast revised sharply upwards

The Bank of England has raised its 2014 growth forecast for the UK economy from 2.8% to 3.4%. Mark Carney said there was still "scope" in the economy to keep interest rates 0.5%.

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BoE raise 2014 growth forecast from 2.8% to 3.4%

Bank of England Governor Mark Carney. Credit: PA Wire

The Bank of England has raised its 2014 growth forecast for the UK economy from 2.8 per cent to 3.4 per cent.

The Bank expects fourth-quarter 2013 growth to be revised up from 0.7% to 0.9% and said first-quarter growth will remain "robust" at around 0.8%.

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