The Bank also decided against an increase in its policy of quantitative easing.
The last time the MPC voted to increase the amount of QE was in February earlier this year by £50bn. The latest round of QE copmleted last month.
In May the International Monetary Fund suggested the Bank “reassess the efficacy” of cutting rates below 0.5% to boost UK economic growth.
It also advocated an expansion of its quantitative easing programme.
Economists said there was an increased likelihood of a cut in interest rates however it was still not part of their central forecast.
Ben Thompson, managing director of Legal & General Mortgage Club, said: “With the economy still very uncertain it is no surprise to see interest rates remain unchanged and this is a good thing, as hopefully it will continue to encourage people who want to move house to think about doing so.”
Barry Naisbitt, chief economist at Santander UK, said: “Given the fall in economic activity in the first quarter of this year and that the MPC voted to increase quantitative easing in February, there was some speculation about whether the MPC would further increase its asset purchases in the face of the weak economy.
“It did not but it retains the ability to do so at a later date. Since one MPC member voted for more quantitative easing last month, there will be interest in the minutes of today’s meeting to see if he was joined by any other members of the committee this month, possibly as a guide to a future announcement.”
