Britain sharply upgraded its growth forecasts yesterday while the European Central Bank presented a downbeat assessment of the eurozone’s recovery, underscoring the diverging economic fortunes of the UK and the bloc.
The upgrades to Britain’s official GDP projections were the largest for 14 years.
Its fiscal watchdog, the Office for Budget Responsibility, raised its estimate for growth this year from 0.6 per cent to 1.4 per cent, and said it expected an expansion of 2.4 per cent in 2014, up from its spring forecast of 1.8 per cent.
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