Following its latest monthly meeting, the MPC said in a statement interest rates had been left at the record low level of 0.5%, with QE held at £325bn.
There had been growing expectations that, with the economy shrinking and the latest stimulus programme coming to an end, a further injection would be announced.
The Bank has opted against additional stimulus for now, despite recent woeful economic data and the worsening sovereign debt crisis in Europe.
The latest readings show the UK economy fell back into recession in Q1, after official figures showed GDP fell by 0.2%, following on from a 0.3% contraction in the final quarter of last year.
It means the UK has seen once of the worst ‘recoveries’ ever from a downturn, following the recession in 2008.
However, despite this, the MPC has opted against additional stimulus.
Ben Thompson, managing director, Legal & General Mortgage Club said: “There will be relief for the 8m or so mortgage borrowers that now hold some sort of floating or variable mortgage rate.
“More than a million borrowers will have seen an increase in their Standard Variable Rates this year despite a record 39th consecutive month with Bank Base Rate unchanged at 0.5%. With households squeezed by depressed wages, increased costs of living and higher taxes, this decision to hold rates will feel like a welcome relief.”
