The prospect of a rise in interest rates looks to have declined yet further as minutes show a new member of the Bank of England's committee voted for a freeze this month.
Minutes from the June Monetary Policy Committee meeting show its newest member, Ben Broadbent, voted to keep rates at 0.5%.
Mr Broadbent has stepped into the shoes of a certain Andrew Sentance, a man who has consistently voted to increase the base rate, recently recommending it be doubled from 0.5% to 1.0%.
Spencer Dale and Martin Weale were the lone voices on the committee of nine who voted to nudge up rates to 0.75%.
The remaining seven all thought the current economic conditions would be better served by keeping rates on hold.
"As expected, the replacement of the inflation hawk Andrew Sentance with the more dovish Ben Broadbent has reduced the number of members voting for a rate rise by one and increased the chance of the monetary policy remaining unchanged this year," said the Centre of Economics and Business Research (cebr).
The independent body also said that it expected household budgets to be squeezed for the remainder of the year, with rising gas and electricity prices adding to the pressures.
It also warned that any rise in rates will have to be carefully considered, as such a move could push many homeowners into serious financial problems.
"A rate rise – and a subsequent rise in household mortgage interest payments – could be the straw that breaks the camel's back and the MPC is all too aware of that risk," it said.
Find the best savings rates for you - Compare savings accounts
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.