GDP grew by 0.1% in May – but falls of 0.5% in production and 0.8% in construction

This isn't an economy accelerating, it's one shuffling along and hoping nobody notices. 0.1% growth sounds fine until you see it's services doing all the work while construction fell 0.8% and production fell 0.5%. That's not a recovery, it's one sector propping up two others. Markets are now pricing in two base rate rises, one later this year and one early next year, and unless something changes, that could become reality rather than just a forecast. For mortgage borrowers, it means the assumption of imminent cuts needs a rethink. My advice to clients stays the same: get your finances in order now and be ready to act, rather than waiting on a cut that might not land when you expect it.

These figures do not suggest a meaningful economic recovery; they point to a fairly stagnant economy. A 0.1% monthly rise in GDP is marginal and, given the falls in production and construction, highlights that growth remains fragile and uneven. Services are keeping the economy moving, but the weakness in key sectors raises concerns about investment, productivity and business confidence.

For the average person, this is unlikely to feel like progress. GDP growth of this level does little to improve living standards, create significant wage growth or ease financial pressures. The real measure of recovery will be whether households and businesses start to feel more confident, not just whether the economy avoids contraction.

In common with many mature economies, the UK is suffering from anaemic growth. Politicians of every party promise to get the economy moving, but the much harder question is how meaningful and sustained growth can actually be achieved.

Andy Burnham may be arriving in Downing Street with renewed political momentum, but he inherits exactly the same economic problem.

For ordinary people, a 0.1% monthly increase will feel largely academic. Until growth feeds through into better wages, greater job security and rising living standards, few will feel that the economy is genuinely improving.

And until that happens, whichever politicians are in charge, regardless of political colour, will remain under intense pressure to deliver.

This isn't an economy growing with confidence; it's an economy clinging on. A headline GDP increase of 0.1% masks the fact that construction and production are both shrinking. That's particularly worrying for housing because if builders are slowing down, we're only making an already undersupplied market worse. For most households, these figures change nothing. The economy remains stuck in a cycle of weak growth and high costs.