The Bank of England has maintained interest rates at 0.75%.

All nine members of the Bank's Monetary Policy Committee (MPC) voted to keep rates at the previous level 0.75%.

The Bank Rate has been at that level since August last year.

A Bank of England statement read: “The economic outlook will continue to depend significantly on the nature and timing of EU withdrawal, in particular: the new trading arrangements between the European Union and the United Kingdom; whether the transition to them is abrupt or smooth; and how households, businesses and financial markets respond.

“The appropriate path of monetary policy will depend on the balance of these effects on demand, supply and the exchange rate. The monetary policy response to Brexit, whatever form it takes, will not be automatic and could be in either direction.

“The MPC judges at this month’s meeting that the current stance of monetary policy is appropriate.

“The Committee will always act to achieve the 2% inflation target.”

Simeon Willis, chief investment officer, XPS Pensions Group, said: “The UK economy is tentatively shuffling along with declining GDP growth somewhat contradicted by record low levels of unemployment.

“It would have been problematic for the MPC to have made any sort of change given the current critical political situation as it needs to retain as much flexibility as possible for the rest of the year.”

Kevin Doran, chief investment officer at AJ Bell, said: “Coming hard on the heels of a dovish Fed announcement, it’s no surprise to see Carney & Co sit on their hands today. 

“Ten years on from the introduction of QE and ultra-low interest rates, it’s clear that the ‘emergency’ path we took back then has proven to be more a cul-de-sac with no escape.  In the meantime, cautious savers – the folk with no culpability for the crisis – continue to be punished with punitive rates of return way below the rate of inflation. 
 
“Over the decade, a UK bank account will have given savers a 5% return, during which time the cost of living has increased by 34%. 

“These savers will be hoping that the Bank can find reverse gear sometime soon, but today’s announcement will provide them with little hope.”

The MPC will next look at rates on 2 May.