The UK economy is growing faster than any other advanced country, Chancellor George Osborne announced in his budget speech today.

Growth forecasts were revised up to 2.7% in 2014 – the biggest upwards revision between budgets for 30 years.

Citing figures obtained by the independent Office for Budget Responsibility, the Chanellor said that the economy is £16bn larger than was predicted 4 months ago and that net job creation is three times faster than any recovery on record, with 1.3 million more people in work.

He emphasised that the UK now has a higher unemployment rate than the USA for the first time in over 30 years, and also that a record number of women are in work.

Mr Osborne said that growth and job creation has been influenced by the largest reduction in both headline and structural deficits out of all advanced economies.

The budget deficit is down by one third and the Chancellor said that he predicts that it will be halved in the coming year.

Photo by Nicolas de Camaret