UK growth forecasts were 'too pessimistic' says IMF

The International Monetary Fund (IMF) says the UK economy will be the fastest-growing in the G7 this year.

It says the UK will grow 2.9% in 2014, up from a January estimate of 2.4%, and will see growth of 2.5% in 2015.

Olivier Blanchard, the IMF's economic counsellor and research department director, said it was clear that their forecasts had been "too pessimistic".