There remains a long way to go before we see more meaningful growth: Kevin Brown, savings specialist at Scottish Friendly comments on this morning’s GDP figures from the ONS

“Although it is a welcome sign that the UK economy has recorded the first growth in three months, it appears there remains a long way to go before we see more meaningful growth. That means the economy is now just 1% larger than it was a year ago.

“And with core and services inflation still well above target, it’s starting to feel a lot like we could be in a stagflationary environment for now, something nobody wants.

“Today’s news is unlikely to change anything in terms of interest rates, particularly as early as next month when the Monetary Policy Committee next meet. However, if the economy does not start showing meaningful growth soon, the chorus of voices calling for a reduction in borrowing costs may start to grow even louder.”