The International Monetary Fund (IMF) published its latest update to the World Economic Outlook report today, showing good news for Britain’s economy.

The IMF project that the UK will be the fastest growing major advanced economy in 2014, expecting the UK to grow by 3.2% this year and 2.7% in 2015.

The new figures predicted by IMF for 2014 are double the amount predicted last year, confirming that Britain is powering ahead faster than expected.

Commenting on the review, Liberal Democrat Chief Secretary to the Treasury Danny Alexander MP said:

“The IMF projection that Britain will be the fastest growing major economy in the world during 2014 confirms that Britain is now in the fast lane of recovery. Our progress continues to confound our critics.

“There is still a long way to go to fully repair the damage of the Labour years. However, this confirms again that our decision to form the coalition has given Britain the strength and stability to deliver the economic plan – every part of which bears the hallmark of Liberal Democrat values.”