Finance and business experts have reacted with dismay to news that the Bank of England has failed to cut the base rate from its 16-year high of 5.25 percent.

They complained that struggling borrowers, particularly people with mortgages and first time buyers, face higher interest rates through to the autumn, taking money out of their pockets.

However, there is a silver lining for savers who will benefit from continuing higher returns on the cash held in savings accounts.

There are suspicions…