The Bank also decided against an increase in its policy of quantitative easing.
In October the Bank said it would inject another £75bn into the economy through QE at some point this year.
Inflation remains above the BoE’s target of 2% at 3.4% however it has been coming down in recent months since it peaked at 5.2% in September 2011.
Minutes of the MPC’s meeting are expected to be released on the 18th April.
Chris Parrish, group treasurer at Yorkshire Building Society, said: "Despite Base Rate remaining unchanged at 0.50%, some lenders have announced that they will be increasing their standard variable rates over the coming weeks and more may follow.
"It’s important for customers affected to review their mortgage arrangements. Variable rate mortgages will continue to remain popular in the current climate."
Ben Thompson, managing director at Legal & General mortgage club, said: "The MPC will next month have to decide whether or not it wishes to press on with further quantitative easing. Markets have almost become hooked on this stimulus and the burning question now is can they cope with going cold turkey?
"Stimulus won't be withdrawn or deferred unless there are strong and clear signs of a sustained and robust UK recovery. That decision wil come into sharper focus next month."
