The Bank of England has revised up its growth forecasts for the British economy as it held its main interest rate at a record low of 0.25pc.
Britain's economy has been performing better than many forecasters predicted in the aftermath of last June's vote to leave the EU. In the fourth quarter of 2016, it expanded at a quarterly rate of 0.6pc - making it one of the strongest-performing major economies in the world.
In its quarterly economic projections, also published yesterday, the bank, headed by Mark Carney, increased its growth forecasts for the next three years.
In the Inflation Report, the bank increased its growth forecast for this year to 2pc, 1.6pc in 2018 and 1.7pc in 2019 - up from November's predictions for 1.4pc, 1.5pc and 1.6pc respectively.
Reference: Irish Independent
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