record spell for interest rates

it the longest spell rates have been at the historic low since the Bank was given responsibility for setting monetary policy in 1997.

Policymakers also continued with the Bank's £200bn quantitative easing (QE) programme amid uncertainty over the path of the UK's recovery.

The previous record during the MPC's time was when the rate was on hold at 4% for 15 months, between November 2001 and February 2003.

Committee members are torn between the pressures of stubbornly high inflation and the threat of a double-dip recession.

Consumer Prices Index (CPI) inflation was 3.1% in July and warnings suggest cost pressures will worsen, with food prices expected to increase over the coming months.

Experts at Barclays Capital believe CPI edged up again in August, to 3.2%, which could leave the MPC facing a further dilemma.