"Services output rose to its second-highest level in eight years in June. This is the largest part of the economy, making up around 80% of GDP.

Bank of England Governor Andrew Bailey in a speech yesterday criticized those sniping at the Bank for not seeming to take inflation seriously.

Turning poacher from gamekeeper, Ex-Bank Chief Economist Andrew (call me Andy) Haldane has already found his voice from the private sector, warning that inflation is rising rapidly and could reach 4% this year.

It seems you can take the economy away from the economist, but you can’ take the economist away from the economy!"

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