IMF upgrades UK growth forecasts ahead of Budget - here is what it means

The upgrade comes ahead of chancellor Rachel Reeves's first Budget on 30 October, where she intends to explain how she will further boost UK economic growth

Chancellor Rachel Reeves in front of 11 Downing Street
(Image credit: Hollie Adams/Bloomberg via Getty Images)

The UK economy is on track to expand faster than expected, with the International Monetary Fund (IMF) upgrading its growth predictions for the country ahead of this month’s Budget.

The IMF said UK gross domestic product (GDP) will rise by 1.1% this year - a significant increase on its previous forecast of 0.7% in July.

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Chris Newlands

Chris is a freelance journalist, and was previously an editor and correspondent at the Financial Times as well as the business and money editor at The i Newspaper. He is also the author of the Virgin Money Maker, the personal finance guide published by Virgin Books, and has written for the BBC, The Wall Street Journal, The Independent, South China Morning Post, TimeOut, Barron's and The Guardian. He is a graduate in Economics.