Markets are now pricing in an August cut to Bank Rate.

The current policy is still too restrictive, Taylor says.

The market has slowed down slightly, but overall activity is significantly healthier than last year.

The momentum seen in the days leading up to the decision didn’t carry through once the announcement was made.

Brokers were cautioned against recommending two-year fixes in the expectation that rates will be lower in two years' time.

Three members voted to reduce Bank Rate by 0.25%, to 4%.

Intermediaries overwhelmingly disagree with the Bank of England’s Huw Pill on the pace of cuts.

Analysts are now predicting an August rate cut at the earliest.

Industry experts predict that rising inflation could curb future Bank Rate cuts this year.

Pill says the quarterly pace of 0.25% Bank Rate cuts seen since last summer is too rapid given the inflation outlook.