The decision not to increase the amount of liquidity in the economy was widely expected, as the Bank appears to be on pause while it waits for the arrival of new governor Mark Carney in the summer.
“The Monetary Policy Committee’s continued inaction shows it has limited appetite for helping the economy to break out of its current insipid state,” Martin Beck at Capital Economics said.
“Upon his arrival in July, Mark Carney may have his work cut out in persuading the Committee of the merits of a more activist approach.”
The committee also voted to maintain the official bank rate at the historically low rate of 0.5 per cent.
The minutes of the meeting will be published at 9.30am on Wednesday 22 May.