A poll of 230 finance brokers conducted by United Trust Bank (UTB) found that 28% believed the rate would increase in the second half of 2017, while an almost identical 27% expected it to come in the first six months of next year.

A further one-quarter of respondents suggested the Bank of England would wait until the latter half of 2018, 18% predicted 2019 or beyond and just 2% felt that a base rate increase could come as early as the first half of this year.

The survey follows the Bank’s Monetary Policy Committee’s decision earlier this month to keep the rate at 0.25%.

Harley Kagan, managing director at UTB, said: “The base rate increase many thought might happen last summer now looks unlikely to come before the end of the year.

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“Higher interest rates are usually employed to cool an overheating economy, but in these circumstances it’s the fallout of the Brexit decision which is causing prices to rise rather than a big increase in consumer spending.

“Higher prices are most likely to squeeze household budgets during this year and this may bring about a fall in consumer demand and spending making an increase to the base rate unnecessary.”

Harley claimed that the Bank was unlikely to back an interest rate increase unless inflation moves above its 2% target.

The latest Office for National Statistics data revealed that inflation had climbed to 1.8% in January, up from the 1.6% recorded in December.

Harley added: “Homeowners with mortgages, first-time buyers hoping to step on to the property ladder and businesses which need to borrow to enable them to invest in opportunities will be happy for rates to stay where they are for the time being.”

Last week, UTB revealed that just 31% of brokers were optimistic about UK economic growth.