20/01/2014 06:25 GMT | Updated 25/01/2014 16:01 GMT

IMF To Boost UK Growth Forecast 'More Than Any Major Economy'

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LONDON, ENGLAND - JANUARY 15: Chancellor of the Exchequer George Osborne speaks on EU reform in central London on January 15, 2014 in London, England. Mr Osborne delivered a warning to Britain's European partners that it should undergo reform, halting decline by backing business and curbing welfare spending if the UK is to remain a part of Europe. (Photo by Dan Kitwood/Getty Images)

George Osborne is to enjoy a massive boost this week as the International Monetary Fund upgrades its growth forecast for the UK by more than any other major economy.

The IMF is set to increase its projection for the UK this year from 1.9% to 2.4%, according to Sky News.

This upgrade would come soon after the Ernst and Young ITEM Club upped its growth forecast for the UK to 2.7% this year.

The IMF's increasing positivity about the UK's growth prospects marks a notable change from its warning last year that Osborne was "playing with fire" by pursuing his austerity agenda.

The chancellor said at the time: "The chief economist has a well known set of views on this which he has expressed in various forms over several years."

"What the IMF has said, actually, is that the United Kingdom is forecast to grow more than Germany, than France, than the rest of the eurozone."