Ed Balls: 'This is no time for complacency'

The International Monetary Fund 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%.

Shadow chancellor Ed Balls said: "After three years of flatlining, any growth is good news, but for most families, with their living standards still falling, this is no recovery at all."