In just over an hour, the ONS will publish the latest data on employment and wages.

Ann Pettifor, director of policy research in Macroeconomics and adviser to Labour leader Jeremy Corbyn is “extremely worried” that the Bank of England was wrong to raise interest rates.

“What we’re seeing are job increases which are being paid for by falls in real wages which is extremely worrying,” she told BBC Radio 4’s Today Programme.

Wage rises and inflation are running at similar levels so the rise in real wages is “very marginal”.

“What we’ve had is ultra-low rates but we’ve also had ultra-easy credit creation… Banks have gone on lending crazy money at low rates,” she says.