The Bank of England has kept its key lending rate at 0.5% and decided not to increase its economic stimulus programme of bond purchases.
The decision by the Monetary Policy Committee was widely expected.
Analysts believe there will be no move to increase the amount of bond purchases, known as quantitative easing, before November, when the most recent commitment of £50 billion is spent.
The total investment in quantitative easing is now £375 billion.
The Bank is also closely watching the effect of an £80 billion programme to encourage more bank lending.
Britain has been in recession for the last three quarters. The OECD said that it expects British GDP to contract by 0.7% this year.
