The rate-setting committee raised rates to 0.75 per cent in August but has now held monetary policy for a third consecutive meeting.

The committee said the Brexit uncertainties had “intensified considerably” since its last meeting at the beginning of November and that those uncertainties were weighing on UK financial markets.

Coupled with a slowing global economy, it said the outlook for growth had also suffered and business investment had fallen.

The MPC also unanimously voted to maintain its stock of UK government bond purchases at £435bn and its stock of corporate bonds at £10bn.

City A.M.’s shadow monetary policy committee unanimously voted to hold interest rates, with many of the panel of economists and experts citing Brexit uncertainty.

The shadow committee noted that recent accelerated wage growth, which hit a ten-year high earlier this month, pointed towards potential future hikes.

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