BoE: Interest rates held at 0.50pc

The MPC also said it would keep the amount of monetary stimulus it provides through quantitative easing at current levels.

The decision to hold both rates and QE at current levels was widely anticipated despite warnings of an impending rise.

Last month, two members of the MPC, Martin Weale and Ian McCafferty, voted to raise interest rates by 0.25% to 0.75% however today’s confirmation of a hold shows that they still remain in the minority.

Rates have now been held at this record low level for some 66 months.