A recent report by the accountancy firm BDO states that a rise in rates may have a negative impact on UK exports.

In the statement they said that "growth would remain sluggish and any imminent rate rise could prolong the weakness."

The current rate of inflation is running at double the Bank of England's 2% target, driving many of the UK's economic experts of the view that a rate rise is just around the corner.

A spokesman for BDO commented that the monetary policy committee who decide UK interest rates must "hold its nerve, or risk scuppering recovery prospects".