No change in interest rates for now

Interest rates have been kept at their current rate of 5.5% but the Bank of England is expected to increase them again in coming months.

Most experts thought they refrain from raising borrowing costs just a month after it rates increased 0.25% for the fourth time since August.

"The Bank of England have sat on their hands this month, but the writing is definitely on the wall for a hike in July," said David Brown, who is chief European economist at Bear Stearns.

Others say August is a safer bet for a move as that when the BoE publishes its quarterly forecasts. This will give policymakers more of a feel for how the economy is responding to a full percentage point of rate rises.

There are signs that the four rate hikes are already having an impact on the property market and the Bank of England has been desperate for something to take the wind out its sails.

The Halifax index recently showed house prices rising by just 0.3% last month, the slowest increase this year, though that still left the annual rate in double digits.

Mortgage approvals have also fallen and surveys point to buy-to-let owners being forced to sell up as higher borrowing costs affect what were once easy profits.