The MPC voted by a majority of six to three to increase the base rate by 0.25 percentage points, but the members in the minority were not advocating that rates should be held and instead preferred a 0.5 percentage points rise to 1.25 percent.

The Bank also increased its forecast for UK inflation, which it now believes will average 10 percent in the final three months of the year as autumn turns to winter and higher energy bills bite.

Mr Lewis then went onto discuss what this means for those with mortgages coming to an end who may not know whether they should fix for longer.

He explained that six months ago people could get mortgage deals below one percent, however now, the cheapest fixes are now double that at 2.1 percent so the cost of getting a mortgage is going up.