The Bank of England’s Monetary Policy Committee has maintained interest rates at the record low of 0.5% after the meeting today.

Economists have widely expected this, saying that the committee was unlikely to make any significant changes until having more time to study the pre-budget report yesterday.

Although the maintained base rate is not good news for savers, who are making almost nothing on their savings, it is better news for those in property investment as the buy to let mortgage rates may remain low for some time.

The economy had been expected to come out of the recession during the final quarter of 2009, after suffering the longest recession on record.

However, data released this week shows that the manufacturing sector still struggled in October, and the trade deficit grew to the biggest margin since January, showing that neither of these would help boost the economy growth during the final quarter.

Disappointing high street reports in November also quashed hopes that consumer spending would boost an economic turnaround.

New data released this morning also confirmed that Italy had returned to economic growth during the third quarter, which leaves the UK the only G20 nation that is still stuck in the recession.