All nine members of the Bank of England’s monetary policy committee have voted in favour of keeping the base rate at a record low of 0.5 per cent.
Prior to the August meeting, the MPC had been split 7-2 in favour of keeping interest rates at 0.5 per cent, with Spencer Dale and Martin Weale calling for a 0.25 per cent increase.
But the minutes from the August meeting show Dale and Weale have now fallen in line with the rest of the committee due to weak economic data and turmoil in the financial markets.
The base rate has now been at 0.5 per cent for 29 consecutive months.
Adam Posen is the only member of the committee to call for an increase to the quantitative easing programme by £50bn to a total of £250bn.
The most recent change to the size of the programme was an increase of £25bn, bringing the total to £200bn, in November 2009.
John Charcol senior technical manager Ray Boulger says: “All of the economic indicators both from the US and Europe on the risk of us going into a double-dip recession look much higher than even a month ago.
“I think there is very little likelihood of a base rate rise next year. It looks highly probable we will see the base rate stay at 0.5 per cent until 2013.”