The news that the Bank of England’s Monetary Policy Committee (MPC) was split in three directions in its vote this month signals that there is not likely to be any radical reduction in the base rate in the coming months but will not prevent more cuts from still taking place, according to Ross Walker, a Royal Bank of Scotland economist.

Analysing the voting details revealed by the minutes of the meeting, Walker said it showed the “consensus” over the bank rate was crumbling.

He concluded: “I don’t think this is going to prevent further rate cuts but the idea of easing at an accelerated pace is looking pretty unlikely.”

Further interest rate cuts over the summer may lead to falls in the cost of buy-to-let mortgages. The vote was the first time since July last year that a base rate decision has been made with less than seven MPC members voting in favour.