Chancellor George Osborne
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George Osborne welcomes IMF upgrade of UK growth forecast

21 January 2014 Last updated at 18:18 GMT

The International Monetary Fund (IMF) has sharply increased its growth forecast for the UK economy.

It now expects the economy to grow 2.4% this year - faster than any other major European economy - against its previous forecast of 1.9%. In 2015, it expects growth of 2.2%.

Chancellor George Osborne welcomed the IMF's assessment.