UK growth forecast upgraded by Bank of England

<p>The Bank of England has upgraded its growth forecast for the UK.</p>

The UK's growth forecast has been upgraded by the Bank of England, in another positive sign that the country's economy is on the rise.

It was confirmed in the latest minutes of the Monetary Policy Committee's monthly meetings that the Bank now expects growth to be 0.7 per cent for the third quarter of the year.

While this is an improvement on its previous estimate, this would mean growth would be flat from the second quarter.

The minutes said that recent economic data and business surveys that have been released "provided further evidence" that growth was picking up, while it was also noted the case for further asset purchases would be stronger should the recovery start to falter.

UK chancellor George Osborne recently insisted that the UK's economy has "turned a corner" and he claimed that this recovery is not being built around a new housing market boom.

However, his critics claim house prices are rising too fast and could lead to another bubble.

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