Only one member of the nine-strong monetary policy committee voted for a rate cut, a marked change from last month’s review when they all went for a 0.25% cut, with two even arguing for a bumper 0.5% rate reduction.

This time, only one member voted for a 0.25% cut, delivering anyother blow to consumers and businesses battered by the difficult economic situation with fears about upcoming tax hikes for employers from April, and a raft of consumer price hikes to water, mobile phone contracts, broadband and council tax, also coming in next month.