In another boost to business confidence, the International Monetary Fund has revised its forecast for growth in the UK by more than any of the other senior economies in its six monthly forecast.

The IMF now sees UK GDP (Gross Domestic Product) for this year up 0.5% to 1.4% and slightly higher in 2014 at 1.9% ,up 0.3%.

It looks very much like the austerity medecine we have been taking and are continuing to take in the UK, is starting to produce meaningful results and the patient is getting better but nowhere near full health yet. 

Their overall view is that global GDP, a melting pot of the world's economies, for 2013, will be lower by 0.3% to 2.9%, with growth seen as slowing down in some of the emerging countries and lower in the financial powerhouses of China, US and India.

In the report, the IMF believes the recovery from the financial crisis is underway but will take years more economical prudence to reach pre recession levels and they are concerned as to how the Central Banks can ease out of the various emergency financial programmes they put in place to stimulate growth, without causing the fragile recovery to slam into reverse.