GDP data provides some relief for Reeves ahead of the Autumn Budget, economists say.

The latest forecast from the Bank now shows inflation peaking at 4% in September, up from its previous prediction of 3.7%

CPI inflation is now nearly double the Bank’s 2% target.

Markets are now pricing in an August cut to Bank Rate.

The current policy is still too restrictive, Taylor says.

The momentum seen in the days leading up to the decision didn’t carry through once the announcement was made.

Brokers were cautioned against recommending two-year fixes in the expectation that rates will be lower in two years' time.

Three members voted to reduce Bank Rate by 0.25%, to 4%.

Intermediaries overwhelmingly disagree with the Bank of England’s Huw Pill on the pace of cuts.

Analysts are now predicting an August rate cut at the earliest.