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.

However, experts say the slump in growth is insufficient to warrant a back-to-back rate cut.

Industry experts predict that rising inflation could curb future Bank Rate cuts this year.

Mortgage lenders predict strong growth could mean a 'further base rate cut next month has all but disappeared'.

The IMF has also downgraded UK growth forecasts by 0.5%.

However, industry experts believe mortgage rates may remain stubbornly high.

However, the OBR has upgraded its forecasts for the following years.