Related topic: uk economy

Only two in every five of the lenders polled were confident their servicing teams were ready to deal with the results of an increasingly volatile economic environment.

Inflation is beginning to reduce after remaining at 3.8% for the past three months.

Monthly GDP growth has fallen by 0.1%, with quarterly growth of just 0.1%.

Holding policy too tight for too long comes with costs to output and employment, which could then pull inflation below target, Breeden says.

Industry experts are now unsure whether another rate cut will come before the end of the year.

Industry experts are now divided on whether there will be a further cut to Bank Rate before the end of the year.

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.