UK monetary policy chiefs opted to freeze interest rates at 4.75% today, in a decision widely anticipated by experts.
It was the seventh consecutive freeze in the cost of borrowing, which came at the end of what should be the penultimate monthly meeting of the Bank of England's Monetary Policy Committee (MPC) before the general election.
It follows a series of reports and surveys suggesting that despite a slight dip in economic expansion last month, overall UK growth is buoyant.
New research by the National Institute for Economic and Social Research (NIESR) shows that in the three months to February growth was 0.6% higher than in the previous quarter. It added that growth was up 0.8% in the three months to January.
Releasing the figures on Wednesday evening, the group called on the MPC to raise rates by 0.25%.
However, the British Retail Consortium believes such a move would have dyer implications for shop owners. It's figures show that sales volumes fell 0.3% in February on the same month last year.
Meanwhile, official figures revealed yesterday that manufacturing growth slowed to 0.2% in February from 0.4% in January. However, they also revealed healthy 'trend growth' - up 0.7% in the last three months.
Reacting to today's no-change by the MPC, the Engineering Employers Federation (EEF), said the picture for manufacturing was 'mixed', and that the Bank had made the right decision.
EEF chief economist, Steve Radley, said: "The Bank is right to ignore premature calls for a rise in rates. Seven months without changes in rates have provided business with stability during a period of growing uncertainty, with storm clouds on the horizon of higher oil prices and a strengthening pound."
