Kevin Brown, savings specialist at Scottish Friendly, has commented on this morning’s inflation data from the ONS

“While any economic growth is welcome, February’s positive GDP reading is likely to prove short-lived unless there is a swift resolution to the ongoing conflict in the Middle East.

“The fallout has already hit the UK economy, with business confidence slumping and households contending with soaring mortgage rates.

“Add to the mix that the UK is a net energy importer , and therefore heavily exposed to price changes in global energy markets, and you have a toxic combination for a government desperate to drive up growth and living standards.

“The immediate prospects for the UK economy ultimately hang on what happens next. If tensions escalate again, energy prices and borrowing costs will likely soar, increasing the prospect of a recession. But even if a compromise is reached soon, it is still too early to say whether there has been any lasting economic scarring.

“The message to households is not to panic, but to focus on boosting financial resilience. That means cutting back where possible, building a financial buffer where feasible, and seeking out the best returns on savings to ensure they are working as hard as they can be.”