However, experts say the slump in growth is insufficient to warrant a back-to-back rate cut.

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

Mortgage lenders predict strong growth could mean a 'further base rate cut next month has all but disappeared'.

The IMF has also downgraded UK growth forecasts by 0.5%.

However, industry experts believe mortgage rates may remain stubbornly high.

However, the OBR has upgraded its forecasts for the following years.

Annual core CPI inflation eased to 3.5%.

A hold was widely expected today due to rising inflation and strong private sector wage growth.

GDP had been expected to rise 0.1% month-on-month.

Inflation has now almost doubled since September, when it was 1.7%.