And the base rate, which is currently at 0.5%, is likely to remain below the 5% average set by the committee before the financial crisis, the minutes from February’s MPC meeting have shown.

The level of quantitative easing, the stock of purchased assets, will remain at £375bn at least until the first rise in the base rate.

Members said inflation, which fell back to the target of 2% in December, was likely to remain at that level with the probability of it rising to or going above 2.5% in 18 to 24 months around one third.

This month, inflation dropped below the Bank’s 2% target to 1.9%.

Members said the recent unexpectedly sharp falls in inflation reflected underlying cost and price pressures that were weaker than currently judged.

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Inflation would continue to be sensitive to developments in commodity prices and the exchange rate, both of which could move sharply.

The Bank of England’s estimates for growth were a little under 1% per quarter in the first two quarters of 2014.

The unemployment rate had fallen to 7.1% in the three months to November and data to be released in the next few months is likely to show it reaching the Committee’s 7% threshold.

The minutes stated: “There was therefore no reason to alter the Committee’s judgement that medium-term inflation expectations remained sufficiently well anchored.”

Members voted unanimously to maintain the base rate at 0.5% and QE at its current level of £375bn in February.