“The decision to hold interest rates is far from unexpected in light of the multiple uncertainties within the UK economy and the wider geopolitical landscape.

“Businesses are facing up to a barrage of upward costs increases, largely created by government policy decisions around National Insurance and the National Minimum Wage, forcing any growth plans to take a back seat for many organisations.

“While we have plenty of anecdotal evidence around how business are responding to these challenges, the Bank will doubtless want to wait and see those responses in real terms before deciding whether to make further cuts in the months ahead.”