It has also decided to maintain its programme of bond buying at the current level of £895bn.

Analysts had expected the decision not to unveil anything unexpected, and to focus on whether the bank signals its intention to keep rates at low levels for the foreseeable future.

Frances Haque, chief economist of Santander UK, said: “The MPC’s decision to leave Bank Rate unchanged at 0.1% was expected this month given the rapid rollout of COVID-19 vaccines along with the path for lifting restrictions remaining on track.

“Both will help boost confidence and support growth in the UK economy.

“However, the Bank of England remains committed to intervening should the financial markets and the UK economy need additional support measures as we move through 2021.”