Base Rate remains static

Commenting on the decision, Stuart Law managing director of Assetz, said:

"The Bank of England has made absolutely the right decision in maintaining interest rates, as a further rise so quickly would have damaged the economy irreparably.

"The Bank is walking a tight rope at the moment. Another rise would deliver inflation to the UK by shocking the consumer into demanding higher wages, causing price growth and creating inflation.

"House price growth is positive but sustainable, and does not currently need curbing. Investors and first time buyers in particular are already feeling the pinch of the last rate rise and a further jump in rates would have had a disastrous effect on the market."