The MPC also voted to maintain the asset purchases necessary for quantitative easing at £375bn, but its decision is in line with predictions in last month’s minutes that the Bank Rate will remain unchanged until 2016.

It is the 50th month the Bank Rate has remained unchanged.

“There had been little change in short term monetary conditions in the United Kingdom and policy was expected to remain highly stimulatory for some years,” said the minutes.

Funding for Lending and quantitative easing were likely to support a gradual recovery despite subdued lending figures, it suggested.