Adam Oldfield, chief revenue officer at Phoebus:

“It’s encouraging to see inflation getting back in line after one heck of a ride. Today’s continuing fall in inflation to 2% from 2.3% last month is reassuring.

“However, after last week’s flatlined ONS figures on April gross domestic product (GDP) after three months of consecutive growth I think, like many, that it will be a tough vote at tomorrow’s Monetary Policy Committee meeting on whether to drop the Bank of England (BoE) interest rate.

“I suspect as well as the GDP flatlining, the BoE will not want to be seen as a pawn in the General Election debate, so I would suggest it will likely be July or perhaps even August before we see a rate reduction.”