The Bank of England has made another dramatic rise in its growth forecast for this year.

It expects the economy to grow 2% in 2017, up from a November forecast of 1.4%, which was itself an upgrade from the 0.8% forecast made in August.

The Bank said the improved forecast was partly the result of higher spending and investment contained in Chancellor Philip Hammond’s Autumn Statement.

As expected the Bank kept interest rates on hold at 0.25%.

The Bank has been criticised for being too gloomy when it drastically cut its growth forecast after June’s vote in favour of Brexit.

Since then the Bank has been forced to upgrade its forecasts for growth.

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