Some experts had suggested the program might be extended up to £225bn; therefore the lower figure could mean that the MPC believes the economic recovery is already under way.

In a statement, it said that emerging market economies are showing strong signs of growth, with rising asset prices and improved funding conditions for banks.

However, closer to home, the body said it expected a sharp rise in inflation in the near future as petrol prices rise and the VAT rate returns to 17.5%.

The MPC also claimed that the banks' continued attempts to change their risk profiles has meant that the availability of credit is still limited.

It predicted a "slow recovery in the level of economic activity" that will continue to impact inflation.

Print and packaging specialist Nicholas Mockett of advisory boutique Moorgate Capital agreed: "We're not seeing a quick turnaround in the economy, despite the money being pumped into it."

However, he said that once the economy is on the rebound, interest rates may have to rise markedly. "When we go up, [the rates] have to go up pretty sharpish, with all this money sloshing around," he said.

He added that there may also be a spike in spending at the end of the year, as consumers take advantage of the last days of 15% VAT for high-value goods, such as cars, which will also benefit from the scrappage scheme that expires in February next year.