He said: “The news casts further doubt over a May interest rate rise. As recently as last week markets were pricing in a near 90% chance that the Bank of England would raise rates next month, but this fell to more like 50% after comments from Mark Carney suggested potential ‘softer’ economic data and continued uncertainty over Brexit meant policymakers weren’t wedded to a May hike. Today the market’s saying there’s just a 25% chance that rates will move in May.”

Analysts are now split over when and whether interest rates will move this year, with some predicting hikes of 0.25% in August and October, others one increase at some point in the Autumn and others forecasting that we will end the year with the current Bank Base Rate still pegged at 0.5%.