Today, as expected, the Bank of England has left its main interest rate unchanged at 4.75% for the straight eighth month.The Monetary Policy Committee has not changed the rates since August 2004, when it was raised by 0.25%.

Many economists are speculating that the next rate move will be down instead of up given that inflation is below the government’s target while the retail sector is still struggling.

"The events of the last month and today’s decision to leave interest rates on hold at 4.75% support my longstanding forecast that interest rates are currently at their peak and could soon begin to fall," said Roger Bootle, economic adviser at Deloitte & Touche.