The MPC also voted to make no change to the pace at which it is pumping cash into the economy through its quantitative easing (QE) programme — retaining the size of the programme at £175 billion.

It said that it expected the programme would take another two months to complete.

In its statement, the MPC said: “The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5 per cent.

“The Committee also voted to continue with its programme of asset purchases totalling £175 billion financed by the issuance of central bank reserves.

“The Committee expects the announced programme to take another two months to complete. The scale of the programme will be kept under review.”

The move had been widely anticipated by the markets, but sterling rose slightly against the dollar and the euro on foreign exchange markets immediately after the announcement, rising by 0.7 cents to $1.659 against the greenback.

The decision follows several indications that the economy may be returning to growth after five quarters of recession — including a recovery in manufacturing output, signs of a rally in the housing market and news that activity in the services sector is expanding again.

And it comes after the shock decision, at August’s policy meeting, to expand the Bank’s programme of asset purchases from £125 billion to £175 billion — although Mervyn King, the Bank Governor, and two other MPC members, David Miles and Tim Besley, had voted to expand the programme to £200 billion.

Details of yesterday’s vote will emerge with publication of minutes of today’s meeting on September 23.