Bank of England policymakers unanimously decided to maintain monetary policy stance at the meeting and suggested that economic outlook of the UK remains sensitive to the effects of Brexit.
The Monetary Policy Committee, led by Governor Mark Carney, voted 9-0 to keep the key rate unchanged at 0.75 percent.
The committee also unanimously decided to maintain the quantitative easing through asset purchases at GBP 435 billion.
Policymakers judged that the current stance of monetary policy remained appropriate.
". were the economy to continue to develop broadly in line with the November Inflation Report projections, an ongoing tightening of monetary policy over the forecast period would be appropriate to return inflation sustainably to the 2 percent target at a conventional horizon," the bank said.
The MPC assessed that the monetary policy response to Brexit, whatever form it takes, will not be automatic and could be in either direction.
The bank reiterated that any future increases in Bank Rate are likely to be at a gradual pace and to a limited extent.
The bank assessed that the economic outlook will depend significantly on the nature of EU withdrawal, in particular the form of new trading arrangements, the smoothness of the transition to them and the responses of households, businesses and financial markets.
According to quarterly Inflation Report, the outlook for growth over the forecast period was little changed. CPI inflation was projected to be above the target for most of the forecast period, before reaching 2 percent by the end.
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