According to CoinMeta, the Chief Economist of the Institute of Chartered Accountants in England (ICAE), Suren Thiru, stated that the economic growth in the UK during the second quarter was mainly driven by temporary factors, therefore the likelihood of the Bank of England raising interest rates in September is not high. These factors include stockpiling behavior before the outbreak of the Iran war, abnormally warm weather, and the FIFA World Cup, rather than any real growth momentum in the economy itself. Thiru predicts that as inflation and rising energy costs put pressure on household incomes, the economy will experience a more noticeable slowdown in the third quarter. He pointed out that markets expect economic activity to weaken in the coming months, which should help to curb inflation, so the possibility of an interest rate hike in September remains very low.