Mortgage borrowing rose to £2.1 billion in May, up from -£0.8 billion in April.

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

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.

Gross lending decreased significantly to £16.9 billion in April.

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.

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

The MPC vote was split three ways, with 5 members preferring to reduce Bank Rate by 0.25%.