The committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion.
The base rate has now been at a historical low since March 2009, though experts say there is a general consensus that the MPC will vote to raise rates by the end of this year.
Ben Thompson, director of mortgages at Legal & General said: "There are plenty of differing opinions from economists at the moment about whether inflation or deflation is a greater threat to the economy, but one thing that we can all agree on is that we are not out of the woods yet.
“With an emergency budget imminent, there was no way that the committee was going to increase the base rate today.
"However there is significant disparity in views about when this situation may change. It can be best summed up in just one word - insecurity."
Barry Naisbitt, chief economist at Santander UK, added: “As expected, there was no change from the Monetary Policy Committee on rates today.
"The Bank Rate has now been held at a record low of 0.50% for more than a year and last month’s Inflation Report dampened the prospects of an early change.
“The MPC has been using its quantitative easing policy together with the historically low level of rates and is watching the new economic data very carefully to see whether it is meeting its expectation of the likely development of inflation and output.
“Recent indicators, such as survey indicators of output, show a reasonably positive picture of economic activity, and GDP growth in the first quarter has been revised up from 0.2% initially to a slightly healthier 0.3%.
“Of course, inflation at 3.7% is well above its target, but this is largely due to temporary factors and the Bank of England expects it to move back towards the 2% target as the year progresses. So this will have been one important factor in today’s decision.”
Jonathan Samuels, CEO, property finance specialists, Drawbridge Finance, said it was no surprise that interest rates had been held for the 16th consecutive month.
"With the emergency budget in less than two weeks, the last thing the Bank wants to do is rock the boat," he said.
"Once the budget is behind us and we have a clearer picture of just how austere the measures to cut the national debt will be, the MPC could come under intense pressure to act immediately.
"Throw into the mix a VAT increase on the 22nd June and the impact that will have on inflation, which already stands well above the target level, and interest rates could start to rise sooner than predicted.
"Let's not beat about the bush. We are living in a false economy, and any increase in rates, even a small one, will bring to the fore the real problems that are being masked by the low interest rate environment we are currently enjoying.
"There are thousands of homeowners out there who are barely able to pay their mortgages each month, and even a small rise in rates will see many people struggle to meet their monthly payments.
"On the ground, while confidence continues to blight the general property environment, the top-end of the market, particularly prime London real estate, continues to buck the trend. Activity is bullish, good properties are still in short supply and clients are snapping up any quality stock that comes onto the market."
Andy Cuthbert, managing director of dot financial services, said: “The result of a coalition government was not unexpected but has resulted in the announcement of an emergency Budget on 22nd June 2010.
"The budget is likely to detail a more responsive fiscal policy, including huge public spending cuts in a bid to reduce the public debt, so there is a need to keep interest rates low in order to support his.
"What’s more, there should be a certain level of policy caution due to increased uncertainty over financial stability in the eurozone.
"With interest rates expected to return to below target within the next few months, the Government should be looking to sustain long term stability in the market by holding interest rates.”
