IMF raises UK growth forecast

<p>UK growth has been raised by the IMF.</p>

The UK's growth forecast has been improved by the International Monetary Fund (IMF).

It revealed that it now expects the UK economy to grow 2.4 per cent this year, having previously predicted expansion of 1.9 per cent.

The IMF raised its global growth outlook slightly to 3.7 per cent too and said it expects the UK economy to grow by 2.2 per cent in 2015.

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

"The euro area is turning a corner from recession to recovery," added the body, which forecasts one per cent growth for the euro area in 2014.

Growth of the US economy was predicted to be 2.8 per cent this year, which is up from the 2.6 per cent the IMF forecast in October 2013.

UK economic growth has been rising in recent months, but the Labour Party has been claiming the country is still experiencing a "cost of living crisis".

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