IMF raises UK forecast

The IMF has upgraded its forecast for UK growth, from a 2.8% to a 3.2% expansion of the economy. Its forecast for global economic growth this year has been lowered however, from 3.7% to 3.4%. Figures due to be published shortly by the ONS are also expected to show second quarter growth in the UK of 0.8%. Writing in the Guardian, Ed Balls acknowledges the figures show an improvement, but maintains Labour's “radical and credible economic plan” is the only way to make Britain “better off and fairer for the future.” In the Evening Standard, Anthony Hilton warns that although the figures highlight the UK’s continuing economic recovery, concerns remain over widening inequality of wealth in the UK.