The possibility of a cut has not been ruled out just yet though.
Consumer spending has certainly slowed, with the retail sector bearing the brunt, but inflation is beginning to swell again, putting pressure on the Bank of England's 2 per cent target.
This is likely to be the crux of the argument for those in favour of a January freeze.
From the mortgage industry, Stuart Law, chief executive of Assetz has called for a cut, with the British Retail Consortium director general, Kevin Hawkins, and M&S' chief executive Sir Stuart Rose leading the charge from the nation's retail industry.
Law said that the MPC should 'remain on course' and continue a line of pre-emptive action by implementing another cut in January: “Base rates still need to come down to at least 5 per cent, which we have always maintained is the neutral level required for this year.
"This will need to be done sooner rather than later if the Bank is to make positive steps towards improved liquidity in the market, and avoid more drastic cuts later in the year. Inflation is not currently an issue and should not present a reason for delaying rate cuts."
