When the Bank of England’s monetary policy committee meets this week to consider changes to its main interest rate, it will have to balance the prospect of inflation sharply above target against grim prospects for growth.

The two threats, which appear to demand opposing policy responses, are so real and so urgent that economists believe there is little prospect the MPC will do more than hold steady. A Reuters survey of 72 economists revealed rare unanimity, with all those surveyed expecting rates will be held at 5 per cent.