The Bank of England left interest rates on hold and did not extend its bond purchases, opting to wait and see if recent initiatives to boost lending will lift the struggling economy.
Its decision to leave its key rate at 0.5% and the stock of bond purchases at £375 billion sterling was widely expected by economists.
They believe the central bank is shifting its focus away from bond purchases towards schemes to support the flow of credit.
The Bank of England announced a major expansion of its "Funding for Lending Scheme" last month to give bigger incentives for banks to lend to small businesses.
Many of the bank's policymakers may also be keen to see what ideas Mark Carney has for kick-starting growth when he replaces Mervyn King as governor in July.
After months of dreary headlines, economic news has brightened over the past few weeks. Britain's economy grew a faster than expected 0.3% in the first three months of the year and surveys suggest the recovery gathered pace at the start of the second quarter.
Inflation in Britain is running at 2.8%, and has been above the central bank's 2% target for much of the past five years. However, the outlook has become less threatening thanks to a slide in commodity prices and a rise in the value of sterling over the past two months.
The central bank will publish updated growth and inflation forecasts next week which will give insight into its thinking.
British recovery 'gathered pace - think tank
Britain's recovery gathered pace in the three months to April, a leading economic think tank has said, but it warned that the statistical effect of a weak January had flattered growth in the following three months.
The National Institute for Economic and Social Research, Britain's leading macro-economic thinktank, said the economy grew 0.8% in the three months to April after expanding by 0.3% in the three months to March.
"Things haven't suddenly taken off in the way the headline figure suggests," said Jonathan Portes, director of the economic think tank. "The data has improved a little but we would still describe this as a relatively slow recovery."
