The Committee also voted unanimously to maintain the stock of purchased assets financed by the issuance of central bank reserves at £375bn.

Given recent disappointing data out of the manufacturing and construction sectors and reports that the service sector is faltering, there had been suggestions the MPC might cut interest rates to zero in the face of a slowing economy.

However Fidelity’s investment director for personal investing Maike Currie said today’s announcement shows while other global central banks have joined the negative interest rate club “the Old Lady of Threadneedle isn’t quite ready to make this move”.

Currie said: “With all members of the MPC voting unanimously to keep interest rates at half a per cent and with recent UK economic data disappointing, a rate hike remains off the cards. Indeed, the Bank of England could cut interest rates to zero, an option which governor Mark Carney has not ruled out entirely.”

With no signs of an interest rate hike any time soon and a genuine possibility that rates might even be cut to zero, Currie said income starved investors are likely to continue to turn to stocks and shares and UK equity income funds as a rare source of yield.

She said: “Seven years of record low interest rates has meant a relentless income famine for savers, particularly those who have stashed their saving in cash ISAs. Our analysis shows that back in April 2009 there was some £15.8bn sat in cash ISAs – had savers kept this money sat in these accounts, which have offered increasingly lower rates over the past seven years, that money would now be worth just £178.68bn.

“However, had this money been invested in the FTSE All-Share, it would now be worth £307.78bn. That means investors have potentially lost out on a whopping £129.1bn of returns over the past seven years.”