The Bank of England monetary policy committee is widely predicted to leave interest rates unchanged at 4.75% today despite calls for a cut from the retail sector.

Despite poor retail figures on the high street, the City believes that the committee will not cut interest rates until August or September.

Earlier this week the British Retail Consortium again called for an interest rate cut to avoid what BRC director general Kevin Hawkins called “a consumer-led recession.”

Meanwhile, research group Experian has warned that growth in consumer spending could hit a 10-year low next year.

Experian said that high interest rates and a cooling housing market were denting consumer confidence.