Minutes from the meeting held on 9 and 10 January 2013 show the nine man committee all voted in favour of holding rates for a further month.

Bank Base Rate has been held at 0.5% since March 2009.

They were also asked to consider whether the Bank should maintain quantitative easing programme at a level of £375bn. Eight members agreed with that proposition, although David Miles voted in favour of raising the asset purchase programme by a further £25bn.

The committee also felt that its Funding for Lending Scheme was proving a success.

The minutes said: “Despite the recent weakness of credit growth, there was growing evidence that credit supply conditions had improved as the Bank’s Funding for Lending Scheme (FLS) gained traction and as sentiment in financial markets improved more generally.”

The panel later added that it was ‘too soon’ to consider the full impact the scheme has had on the wider economy.