The Bank of England's Monetary Policy Committee today announced that it would be holding interest rates at 0.5 per cent, for the 14th month in a row.

In addition the MPC said that it would be keeping its £200 billion quantitative easing programme as it was.

The decision to set rates is usually taken monthly on a Thursday, however the meeting of the MPC was moved to Monday so that the decision would not influence voting in the general election, held last week.

Analysts had predicted that the MPC would hold rates as they were due, to ongoing fears about the Greek debt situation and uncertainty as to who will form the next government of Britain, after the election which produced the first hung Parliament since 1974.

The minutes of the MPC meeting are due to be published on 19 May.