The Bank of England kept the interest rates at the record low level of 0.50 percent on Thursday for the 19th straight month, citing concerns about the poor economic recovery.
The quantitative easing, or QE, was also maintained at its current level as the bank continued with its bond purchasing program. The move comes as the European Central Bank announced maintaining its borrowing interest rate at 1 percent for 18th month in a row.
The move was decided by the Monetary Policy Committee of the Bank of England where a vote was also taken on maintaining the stock of asset purchases that were financed through the issuance of central bank reserves at 200 billion pounds.
The BoE purchased up to 200 billion pounds of new money through a number of purchases including government bonds and high-quality private sector assets. It was aimed at boosting the economy by injecting capital into the market.
England is not alone in keeping the interest rates freeze as Japan and the EU have also taken similar measures with the Japanese government announcing fresh stimulus packages and the US Federal Reserve mulling over further easing of the economic regulations.
Analysts think the British central bank ought to revisit its QE policy to avert any risks and fuel economic growth in a country that has struggled with its finances.
In a related move, home-loans provider Halifax reported a dip of up to 3.6 percent in house prices in September, the lowest since 1983 when the official data was first compiled.
