The U.K. economy will expand at its fastest rate this year since 2007, according to revised forecasts by the British Chambers of Commerce (BCC) out on Friday.
The body, which represents 92,000 businesses across the U.K., upped its growth estimate for 2014 to 3.1 percent, having forecast 2.8 percent back in March.
If 3.1 percent growth materializes this year, it will be the first time since 2007 that growth has exceeded 3 percent.
"Our forecast confirms that Britain is leading, rather than following, other major economies when it comes to short-term growth, which is great news," said John Longworth, director general of the BCC, in a news release.
The BCC also increased its outlook for 2015 to 2.7 percent growth, from 2.5 percent. Its forecast for 2016 remained unchanged at 2.5 percent.
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