The Bank of England (BoE) has sharply upgraded its growth forecasts for this year

The BoE’s Monetary Policy Committee revised up its 2021 growth forecast to 7.25 percent, from 5 percent in its predictions three months ago.

The first quarter’s UK lockdown appears to have turned out better economically than the committee had feared, at it held rates at the historic low of 0.1 percent.

Giles Coghlan, the chief currency analyst at brokerage HYCM, said while th...