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While wage growth had slowed, she added, it still remained relatively strong, leaving the Bank of England in a "tricky position" over future interest rate cuts.

The borrower is responsible for future interest on a higher balance, which can lead to an overall higher monthly payment.

Any number of financial indicators could tell us when prices moved into some level of equanimity with expected corporate profits, or reasonable expectations of future interest rates.

In December, when rates were held at 4.75%, the Bank's Governor, Andrew Bailey, said it would take a "gradual approach to future interest rate cuts".

After the December meeting, he said "a gradual approach to future interest rate cuts remains right", but added "with the heightened uncertainty in the economy, we can't commit to when or by how much we will cut rates in the coming year."