GDP figures are not strong enough to help in general election but not weak enough to prompt interest rate cut

• UK economy flatlines in blow to Sunak
• Business live – latest updates

Rishi Sunak must be cursing the British weather. He got soaked to the skin when announcing the general election outside 10 Downing Street last month. Now it appears wet weather has brought a halt to the UK’s economic recovery.

Statisticians always caution against reading too much into a single month’s figures and on a quarterly basis things don’t look too bad for the prime minister. Indeed, the economy expanded by 0.7% in the three months to April, compared with 0.6% in the quarter ending in March.

First cuts not expected until late summer or early autumn despite evidence jobs market is cooling

• Analysis: Wage rises make early interest rate cut less likely

Persistently strong wage pressure is set to delay a cut in interest rates until well after the election despite mounting evidence that the UK jobs market is cooling, the City believes.

Financial markets indicate that traders expect the Bank of England will hold off reducing the cost of borrowing from 5.25% until it is convinced earnings growth has decisively fallen from levels seen as incompatible with hitting the government’s 2% inflation target.