The Bank of England’s decision, according to Credit Suisse Asset Management, follows the release of economic data from the Chartered Institute of Purchasing and Supply which showed the highest level of manufacturing growth since November 2004. The figures also demonstrated a shift away from largely consumer driven growth to a broader base which includes manufacturing and the service industries. Manufacturing has also been a key driver for economic growth in the eurozone.

Credit Suisse also said that recent data suggested there was a greater likelihood that the Bank of England would raise rates later this year, with rates in Europe likely to rise to 3.25% by year end.