Despite the central bank maintaining the key rate, governor Mark Carney insisted that the time for a hike is moving closer.

“The speech did not say we can expect a rate rise around the turn of the year“, he said.

The Bank of England has kept interest rates at a record low of 0.5% since March 2009 and markets are on tenterhooks about when they will be hiked.

“Given that Carney aims to return inflation to target within two years, the probability of a rate hike later this year has reduced”.

Monetary Policy Committee member Ian McCafferty disagreed, however, preferring for rates to rise to 0.75%.

“These are welcome statistics, which would suggest the time for a rate rise is getting closer, but the bank is clearly anxious about underlying economic weakness facing the UK”.

Sterling slumped as traders and analysts pushed back the likely date of when interest rates will rise until well into next year.

The BoE’s minutes of the rate-setting meeting, quarterly inflation report and the press conference that follows the announcement, all make up what’s dubbed “Super Thursday” and are likely to be closely watched for any signal of future voting intentions.

After Carney’s comments, several economists continued to predict a rate hike in the first three months of 2016 and the already small chance of a move this year appeared quashed.

Savings rates are increasing slightly and there are still current accounts paying up to 5% interest.

While “some members” saw upside risks to the central bank’s inflation forecast, “most” saw Britain’s increase in inflation as more gradual than before, according to the minutes of the meeting.

The Bank of England will deliver its keenly-awaited outlook on prospects for the economy today, amid mounting speculation that it could raise interest rates before the end of this year.

Carney continued, “The path of rates is much more important than the precise timing of the first increase”.

Further, Broadbent said the recent decline in oil price “delayed any rebound in inflation until early or spring next year”.

He said the economic recovery was being driven by greater employment and higher wages, dismissing any suggestion it was being built on household credit.