The Bank of England has left its Bank Rate unchanged at half a per cent and the size of the Asset Purchase Programme at £375 billion - extending the record period of stability.

There has been no change in the rate for over six years, with the committe voting to freeze it again today.

In a statement the Bank said today: "The Bank of England’s Monetary Policy Committee at its meeting on 3 June voted to maintain Bank Rate at 0.5%. The committee also voted to maintain the stock of purchased assets financed by the issuance of central bank reserves at £375 billion."

The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.5% on 5 March 2009. A programme of asset purchases financed by the issuance of central bank reserves was initiated on
 5 March 2009. The previous change in the size of that programme was an increase of £50 billion to a total of £375 billion on 5 July 2012.

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The base rate has been unchanged for an unprecedented period. Some commentators have said that with low inflation and little sign of the economy overheating, an increse to the base rate is unlikely before 2016 at the earliest.

Peter Cameron, assistant fund manager at Ecclesiastical Investment Management, said:

“Barring a short-lived rate hike at the outbreak of the Second World War, interest rates remained at 2% for 19 years between 1932 and 1951.

"While we are unlikely to come close to that record, it is difficult to envisage any rise this side of Christmas.

"Wage growth may finally be showing signs of life and inflation could also rise in the second half of 2015 as last year’s decline in the oil price drops out of the numbers, but the economic recovery is still unsteady.

"With more austerity on the way in this Parliament, it would be economic suicide to embark simultaneously on deep bouts of both fiscal and monetary tightening.”