The Bank of England has held the base rate at 0.75 per cent.

As it did in mid-December last year, the Monetary Policy Committee voted 7-2 to keep rates as they are, despite rumours of a more significant split that surfaced at the start of 2020.

The MPC minutes show that GDP growth slowed in 2019, which the bank puts down to weak global growth and “elevated Brexit uncertainties.”

It adds that CPI inflation dropped to 1.3 per cent in the final month of last year.

Despite this negative commentary, the minutes say that “global business confidence and other manufacturing indicators have generally picked up,” adding that “domestically, near-term uncertainties facing businesses and households have receded.”

As ever, the MPC minutes conclude by hinting at “some modest tightening of policy” in future if the economy recovers as the group expects it to.

Kensington Mortgages capital markets and digital director Alex Maddox says: “Weak economic growth in the last quarter of 2019 made it a close call for the BoE’s monetary policy committee to cut rates today.

“However, low unemployment figures and recent political certainty following the general election has boosted optimism in the market.

“It’s business as usual for now and the bank continues to keep its powder dry. As the year continues and we have more clarity on the Brexit transition and trade talk discussions, it will be interesting to see whether there will be any further easing if conditions do not improve.”

Mojo Mortgages co-founder and chief executive Richard Hayes adds: “Today’s decision… really could have gone either way. The likelihood of a rate cut has been volatile in recent weeks – hitting over 60 per cent at one stage after weak growth figures suggested the economy was flatlining. But they dropped back to 50 per cent in the past few days, after survey data indicated the private sector is growing again.

“With the base rate remaining the same for at least another month, mortgage rates continue to be low by historical standards. Nothing will change when it comes to your monthly repayments. The only pinch-point would be when it comes to Brexit.

“If we don’t come to a trade arrangement by the end of the year, the gloomier no-deal forecasts may start to become an issue once more, and this could affect mortgage rates, as well as many other aspects of personal finance.