The interest rate decision was widely expected by economists and came as the BoE announced that its quantitative easing programme would continue its investment of £200bn into the economy.

Nicholas Mockett, of corporate finance advisory firm Moorgate Capital, said that the move came as "no surprise" as the economy "gradually stops shrinking".

"We are likely to see a rise in rates in the coming months as inflationary pressures begin to take hold," he added.

The BoE currently has £7bn of the £200bn earmarked for investment into the economy via its controversial quantitative easing programme.

Economists are split as to the ultimate impact of the injection of such a vast sum, equivalent to almost 10% of UK GDP, into the economy.

Mockett said that it is unlikely that the BoE will be sanctioned to increase the programme further and added that, while it is likely the measure has staved off a collapse in the economy, the withdrawal from the programme will be an "incredibly painful experience".