The OECD said prompt action by the Bank of England had helped buoy the British economy in the short term CARL COURT/AFPThe world’s leading economic think tank has rowed back from its warning that Britain will suffer immediate damage from the Brexit vote and raised its growth forecast for this year. The Organisation for Economic Co-operation and Development said the upward revision was due to a better-than-expected performance in the first half of 2016 and the swift action taken by the Bank of England in August designed to prevent a post-Brexit recession. It said economic developments in the UK so far are broadly consistent with “more moderate scenarios” set out before the referendum to leave the EU. “While markets have since…

Source: The Times September 21, 2016 10:52 UTC