The decision to hold both rates and QE at levels was widely anticipated with the BoE having previously indicated that any rate rise would happen towards the final quarter of 2015.
At present low inflation - partly caused by sliding oil prices - together with concerns about the recovery mean there is reason for the Bank to increase the cost of borrowing.
Experts are now fixing their attention on the European Union which faces the spectre of deflation should the EU Central Bank not provide stimulus to the ailing Eurozone.
The base rate has now been held at 0.5% for nearly six years, since March 2009.
