Britain Sharply Hikes 2017 Economic Growth Forecast

LONDON, March 8 (UrduPoint / Pakistan Point News - 08th Mar, 2017 ) - Britain's economy will grow by 2.0 percent this year, sharply up on a previous forecast of 1.4 percent, finance minister Philip Hammond said Wednesday in his budget statement.

UK activity is growing more strongly than expected following its June referendum in favour of exiting the European Union. While Britain has significantly upgraded its growth outlook, the figure of 1.

4 percent provided in November had been a sharp downgrade on a prior estimate of 2.2 percent, highlighting uncertainty surrounding the UK economy as the country prepares for Brexit.

"As we prepare for our future outside the EU we cannot rest on our past achievements," Hammond told parliament. "We must focus relentlessly on keeping Britain at the cutting edge of the global economy. The deficit is down, but debt is still too high. Employment is up, but productivity remains stubbornly low."