A new poll reveals that one in five economists believe that the Bank of England's monetary policy committee will not cut interest rates in the first quarter of 2006.

A new poll reveals that one in five economists believe that the Bank of England's monetary policy committee will not cut interest rates in the first quarter of 2006.

Economists who participated in the survey believe that a pick-up in economic growth and risks of inflation from higher oil prices will influence their decision.

The survey showed that of the 45 economists who participated in the survey between January 30th and February 1st, most believed that rates would next be cut in May, Reuters reports.

Monetary policy committee's minutes from its last meeting in January showed that an eight to one majority were not in favour of cutting interest rates.

Michael Penn at Merrill Lynch, the financial management company, suggested that a rise in mortgage approvals combined with a rise in house prices showed that "the bank will not be keen to cut rates any time soon".

Interest rate cuts were last cut in August 2005.