The Bank of England’s Monetary Policy Committee (MPC) has once again voted to maintain the Bank Rate at 0.5% and the size of the Asset Purchase Programme (so-called quantitative easing) at £375 billion.

The MPC voted unanimously with both decisions. Ian McCafferty, who over the past few months voted to increase the Bank Rate by 25 basis points, this time agreed with his fellow MPC members.

Dennis de Jong, managing director at UFX.com, said: “Despite signs of wage growth and low unemployment rates portraying a promising picture, it will come as no surprise to most observers that UK interest levels remain unchanged.

“It’s now the 83rd month in a row that UK policymakers have resisted the urge to rise, although with US rates already up its possibly only a matter of time before the Bank of England follows suit.

“For now, however, yet more torment continues for savers and investors, while borrowers across the UK will be licking their lips at the prospect of further low interest rates.”