growth has remained resilient since the referendum with the uk prosting the referendum with the uk prostingnger in the forecast peered than in november with the economy expected to expand by 2% in 2017 than 1.75% there after or around 1.75% there after. this upgrade will lead the level of the uk output around 1% higher over the next three yea rs around 1% higher over the next three years than we had expected in november. this stronger outlook is the product of four factors. in order of importance, they are, first, the chancellor‘s autumn straight eased fiscal policy over the coming years. this explains about half of the forecast upgrade. second, the outlook for the global economy is firmer, reflecting and easing fiscal policy in other major economies together with improvements in financial conditions and business confidence, particularly in the united states. that explains more than a quarter of the upgrade. third, financial conditions in the uk remain supportive underpinned by low risk free rates. the 18% fall in sterling since the november 2015 peak and lower credit. moreover, domestic cr