All Monetary Policy Committee (MPC) members agreed that it was appropriate to leave the stance of monetary policy unchanged at their recent base rate meeting, and voted unanimously to keep the rate at 0.5%.

They also unanimously voted to maintain the current level of quantitative easing.

However, minutes published today show that two members regarded this month’s decision as finely balanced. There was a range of views over the most likely future path of the bank rate, but all members agreed that it was more likely than not that the bank rate would rise over the three-year forecast period.

Calum Bennie, savings spokesperson at Scottish Friendly, said: “The interest rate doves are all in the coop together, although two members did feel that the decision was finely balanced on whether there should be a rate rise.

“While the stagnation of the base rate is bad news for savers, the present low inflation due to low fuel costs is something consumers should enjoy while it lasts. However, it makes sense to try and use these benign circumstances to put aside money for when this short-term period of deflation is over and interest rates go up – as they undoubtedly will.

“All eyes will be on the UK economy after the May General Election, particularly as any change in Government could have a bearing on interest rate decisions depending on their economic strategy.”