Despite bringing interest rates to their lowest levels in the Bank of England’s 325 year history, yesterday’s (20 March) rate cut to 0.1 percent has been dubbed meaningless by some investment commentators.

Hinesh Patel, portfolio manager at Quilter Investors, explained: “The BoE is most concerned that tight monetary conditions will further damage economic prospects as borrowing rates for businesses and households surged in recent weeks.

"As such on just his fourth day in the job, Andrew Bailey has brought us to the lower bound and instigated a new period of record low interest rates in the process.”

Th...