It is believed that the UK economy might have grown faster during the second quarter of the year backed by supportive government policies and improving sentiments.

Figures for the second quarter are expected to be published soon and it is expected that the UK's gross domestic product (GDP) might have grown at 0.6 per cent, which is twice as 0.3 per cent recorded earlier. The rise is expected to the highest since the third quarter of 2011 if special events are excluded.

There were concerns earlier this year that the UK economy would fall into triple-dip recession. However, improvements in the economy boosted growth and the revision of the Office for National Statistics (ONS) data shows that the double-dip recession from 2011 to 2012 did not happen. In a major boost to the government's efforts to improve growth in the UK, the International Monetary Fund has said that it expects the British economy to grow at a faster rate than expected.

The positive outlook for the UK economy came as the global body downgraded forecasts for the rest of the developed economies. The IMF now expects the economy to grow at 0.9 per cent this year compared with the 0.6 per cent forecast made in April. The agency has kept its forecast for growth of 1.5 per cent in 2014 unchanged for the country.