The G2 should get 4.4 in the next couple of weeks to months. Think it's "by March 1st" worldwide and sooner in most places.
Out of interest, why not the Nexus 5? I tried the G2 and couldn't see the justification for the extra £200, though to be honest I'd be ecstatic with either!
Strange to say it given many of the reviews but I really, really liked the back buttons on the G2.
That is good to know, so I will wait for the update.
I wanted to go with the Nexus 5 at first as well, but with the contract I have, both phones cost about the same, though it turned out the G2 costs 50 more Euros. It's worth it though, in my opinion, due the noticeably better camera and the far better battery.
However, if the LG G2 costs another £200 like in your case, then the extra money is certainly not worth it.