“Growth in GDP is encouraging and in line with the IMF’s prediction this week that the UK will have the second-fastest growing economy in the G7 this year.

But it doesn’t change the fact that the economy remains finely balanced. Inflation is still high and predicted to remain there, and unemployment is rising.

That combination makes it harder for the Bank of England to justify cutting rates in November. For now, stability is likely to be the Bank’s priority.

A premature rate cut could risk reigniting price pressures just as they’re starting to ease.”