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The Bank of England has upgraded its short-term forecasts for UK economic growth for the second time in three months.

Unveiling its latest outlook on the state of the UK economy, the BoE now thinks GDP growth will hit 2 per cent this year from an earlier estimate of 1.4 per cent made in November.

Forecasts for 2018 and 2019 have also edged up slightly with the inflation outlook a tad softer over the forecast horizon stretching out to 2020.

The BoE still thinks consumer prices will far overshoot its target at 2.7 per cent this year before falling back to around 2.4 per cent in 2019.

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