Since we last spoke, the eurozone has come out of recession following six successive quarters of contraction. These days growth of just 0.3pc is cause for optimism given what the world has been through over the past five or so years.

The second quarter numbers were the last official GDP numbers before the Bank of England publishes updated forecasts in its August Inflation Report. At a first glance, the upbeat data seems to weaken the need for more stimulus from the Bank’s Monetary Policy Committee.