Q2 growth could match the 0.7% seen in Q1, despite early Easter disruptions and strikes.

Kevin Brown, savings specialist at Scottish Friendly, said: “A rise in the GDP figures for May is a welcome surprise at an uncertain moment for the economy. However, stronger than anticipated economic growth will give the monetary policy committee (MPC) pause for thought on where next for rates.

“Although inflation is more or less back at target, GDP growth will signal to the MPC that the economy is tolerating higher rates. This therefore diminishes the impetus to begin making cuts and won’t be what mortgage holders want to hear. This suggests that the timing of rate cuts could beat a further retreat from here, despite August expectations of a cut.

“Economic progress, wage rises and a relatively strong jobs market will help families looking to cope with higher borrowing costs, this kind of benefit is not evenly distributed and many will be feeling pressure – especially those with renewals coming up. The important thing here is speak to your mortgage broker or lender if your existing mortgage deal is coming to an end soon. Help is out there to secure a new deal at the best rate available.”