Yael Selfin

"The contraction in April is more indicative of growth prospects for the economy going forward."

"we expect pay growth to continue to slow over the coming months"

"The recent rise in energy prices, driven by a pick-up in tensions in the Middle East, could pose a risk to the growth outlook, with financial conditions also tightening as a result."

"Weak hiring activity is continuing to weigh on workers' bargaining power, limiting upward pressure on wages."

"The UK economy started the year on the back foot and activity is expected to weaken further amid sharply rising energy prices."

"Although the impacts from the initial energy shock have so far been relatively limited, if energy prices remain high for longer, second-round effects risk feeding through into wages and more broadly across the economy."

"With underlying wage pressures remaining contained, there is little reason for the Bank of England to shift course, and we expect rates to remain on hold for the remainder of the year."