But the Bank predicted the impact of Brexit and a slowing global outlook means the United Kingdom economy is set to grow by one per cent less over the next three years compared to forecasts made in August.
There are also concerns that the aftermath of a December general election leaves little time before the current Brexit date of 31st of January.
Increasingly economists believe the BoE will cut interest rates at some point next year given a slowing economy and Brexit uncertainty.
For two of the bank's nine rate-setters on the Monetary Policy Committee, the deteriorating outlook was enough for them to back an immediate rate cut. Mike Carney, governor of the bank, led the majority in voting to hold the line on the rate.More news: Celtic fans in hospital after alleged knife attack
"If global growth fails to stabilize or if Brexit uncertainties remain entrenched, monetary policy may need to reinforce the expected recovery in U.K. GDP growth and inflation", he said.
'The pace of that recovery will depend critically on the extent to which uncertainty over the future UK-EU trading relationship actually dissipates, and, to a much lesser degree, by how much the global economy actually picks up'.
'The outlook for [BoE Governor Mark Carney] and his colleagues is clouded not only by the continued uncertainty about Brexit but also by Britain's upcoming election, in which the two main parties are promising varying increases in public spending.'More news: British TV channels launch rival to Netflix, Entertainment News & Top Stories
The main opposition Labour Party wants to renegotiate Johnson's deal to ensure closer ties and then put it to the people in another referendum, with an option to remain in the EU. Officials said such an outcome would dispel some of the uncertainty now depressing business investment and consumer spending.
Michael Saunders and Jonathan Haskel, who voted for the cut, argued that the British economy had "a modest but rising amount of spare capacity" and that underlying inflation was "subdued".
They added: "For the majority of members of the committee, the existing stance of monetary policy was appropriate at this meeting".
So for Sterling there is the possibility that a lot of a good news that was built into the price in October could start to seep out, 'CAD Exchange Rates Pressured amid Trade and Bank of Canada (BoC) Uncertainties While the Canadian Dollar is up against the Pound so far this week, this is largely due to hopes that the USA and China are closing in on a preliminary trade deal that could be completed in the coming weeks.More news: UPS and CVS use drones to deliver prescription medicine to patients