John Goodfellow, chief executive of Skipton Building Society, said, "Economic analysts are still predicting that we will see an increase in the Bank of England's base rate some time in 2005.
However, with consumer spending remaining relatively slow, the weak retail market will have been a major factor in today's decision to keep rates at 4.75%.
"It is next month, when the inflation report is due - which has previously had a great influence on the MPC's discussions - where the chance of a rate increase will be higher."
