The rate has been at 0.5% since March 2009 although Bank of England Mark Carney has begun to prepare the market for rises in recent months.

In a recent report, the National Institute of Economic and Social Research said there was a 20% chance the Bank Base Rate could move in the first quarter of 2014.

Last month HSBC chief UK economist Simon Wells told the Treasury Select Committee he felt an interest rate rise was likely to occur in the last quarter of 2015.

Barry Naisbitt, chief economist at Santander UK, said the decision was as expected: “After the major change in the approach to monetary policy announced in August, the Monetary Policy Committee (MPC) was not expected to do anything other than hold Bank Rate again this month.

“For the MPC in the months ahead the key will be whether the relatively strong output growth results in a faster reduction in the unemployment rate than it anticipated in August.

“With inflation still above target at 2.7% and steep energy price rises to come, the forthcoming quarterly Inflation Report and any changes that the MPC may make to its outlook for the economy are likely to be the next areas of focus.”