The Bank of England Monetary Policy Committee (MPC) has once again voted to keep the Bank Rate at 0.5% and the size of the Asset Purchase Programme at £375 billion.

The committee was unanimous in both its decisions.

Nick Dixon, investment director at Aegon UK, said: “General uncertainty may have forced the hand of the MPC to sit tight for the 84th month in a row. Global deflationary pressures spurred by declining commodity prices and negative interest rates are making investors turn bearish on economic fundamentals.

“Closer to home, cuts to forecast growth announced in the Budget strengthen the Bank’s dovish stance and there’s certainly no rush for mortgage holders to fix their borrowing rates any time before the Autumn Statement.”