The Bank of England’s Monetary Policy Committee voted today to leave the UK base rate of interest unchanged at 4.5%, for the 11th month in a row.

The Royal Institution of Chartered Surveyors welcomed the widely predicted decision.

RICS Chief economist, Milan Khatri, said the UK economy was performing significantly better than at the turn of the year.

“This is due in part to robust activity conditions in Europe and Asia which has spurred a rise in manufacturing output and exports,” he added.

RICS expects the Bank of England to follow the lead of other world central banks, and raise interest rates later this year by 0.25%.