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Government attempts to encourage banks to lend more money are yet to show themselves as effective, it is believed.

Head of personal finance at fool.co.uk David Kuo claims the effects are usually seen once it is too late, although the signs of a reinvigorated market are not yet apparent.

"I don’t think we’re going to be seeing any kind of credit-led recovery until the banks are absolutely certain that they have enough cash for themselves, and then they will slowly start to release this cash into the market," he suggests.

Mr Kuo states that many consumers are not yet seeing the money provided by the government, despite it having pumped nearly £26 billion into the economy.

He estimates that around £750 million of this figure has surfaced so far, which must have "alarm bells ringing in people’s heads".

Yesterday (May 7th), the Bank of England Monetary Policy Committee voted to keep the interest rate at 0.5 per cent, keeping it at an historic low in the Bank’s history.

The next decision is due on June 4th.

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