The British Chambers of Commerce (BCC) said it regretted that the Bank of England's Monetary Policy Committee (MPC) left the cost of borrowing unchanged.

A spokesman said:

"Credit conditions have become tighter since August, both globally and in the UK. The dangers to the economy have worsened and businesses require easier credit conditions without undue delay, to avoid a nasty reversal."

Meanwhile, the British Retail Consortium (BRC) called the decision "disappointing".

A spokesman said:

"With evidence mounting that a serious recession is looming in the US and consumer confidence and disposable incomes slipping here, the MPC should have taken pre-emptive action to avoid more serious knock-on effects to the UK economy."

However, the Confederation of British Industry (CBI) said conditions were unlikely to justify a cut in rates until the spring.