Its rate-setting Monetary Policy Committee has voted to maintain rates at this historic low for three years.  It also decided not to increase its programme of quantitative easing (QE), having lifted it by £50bn in July to £375bn.

The news came on the day that the OECD cut sharply its forecast for the UK economy.   Worries about the UK economy have led business groups to call on the government to kick-start growth with infrastructure spending.

Many analysts believe the Bank will wait until November to assess the impact of the last round of QE, and will inject more money if the economy shows no sign of recovery.

Although recent surveys have pointed to slight improvements in the manufacturing and service sectors, on Thursday the OECD slashed its UK growth forecast for 2012.