Rising inflation is also dampening the chances of another Bank Rate cut this year.

Mann says she stands ready for "forceful policy action" in the future.

Industry experts are now split on when the Bank of England will next cut interest rates.

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'.