The OECD's index of leading economic indicators (LEI) for the UK remained stable in April at 101.1, pointing to an expansion which will hold up well over the coming quarters, according to economists.

The LEI has been at that level since December 2013, rising from 100.4 in mid-2013 and the 99.8 seen at the end of 2012.

According to the Paris-based OECD the index shows that "growth momentum is stabilizing at above-trend rates".

Dr.Howard Archer, Chief UK+European economist at IHS Global Insight, was of a similar view, telling clients that: "The April OECD leading indicator broadly ties in with our view that UK GDP growth will hold up well over the coming quarters. In fact, we have raised our UK GDP growth forecast to 3.1% for 2014 . We have also edged up our 2015 GDP projection to 2.7%."

"It's been a long time coming but hopefully the economy can now sustain decent growth for an extended period," Dr.Archer added.

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