THE Bank of England has voted at a regular policy meeting to hold its reference interest rate at a record-low 0.5 per cent, where it has stood for four years, and opted against increasing its cash stimulus program to boost a British economy on the brink of recession.
"The Bank of England's Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5 per cent," the BoE said in a statement following a two-day gathering.
"The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at STG375 billion" ($A554 billion).
Analysts had said the decision over stimulus, or quantitative easing (QE), had been on a knife-edge with Britain at risk of its third recession since 2009.
Minutes of the latest meeting, explaining the reasons behind the BoE's latest monthly policy decisions, are to be published on March 20, the central bank said.
Recent official data showed that British gross domestic product (GDP) shrank by 0.3 per cent in the fourth quarter of 2012 compared with the previous three months.Another contraction in the first quarter of 2013 would officially place Britain in a rare "triple-dip" recession.
Against this backdrop, Moody's ratings agency last month lowered its top-level AAA credit rating for Britain.
Moody's downgraded Britain by one notch from AAA to Aa1, arguing that government debt was still mounting and that growth was too weak to reverse the trend before 2016.
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