The Bank of England's Monetary Policy Committee has voted to keep base rate at 0.5% this month, marking the one-year anniversary of record low interest rates.

The MPC has also decided not to extend its quantitative easing programme beyond the £200bn it has already spent on buying up assets to boost the economy.

Minutes published by the Committee last month show that the Bank may look to spend more on quantitative easing in the future, but wants to judge how effective its purchases have been before it commits more money to the programme.

Figures from the Office for National Statistics last week revealed that the UK economy had grown between October and December by more than was originally thought.

UK gross domestic product grew by 0.3% in Q4 according to the latest revision, up from the sluggish 0.1% growth initially estimated by the ONS.

The quantitative easing programme was not expected to be boosted further this month as the Bank looks to curb rising inflation.

Inflation hit 3.5% in January, the highest level since November 2008 and up from 2.9% in December.

Source: Mortgage Strategy