The Bank of England’s Monetary Policy Committee (MPC) has voted to keep the Bank Rate at 0.50%.

It has also left the quantitative easing (QE) programme unchanged.

Andrew McPhillips, chief economist at Yorkshire Building Society, said: “The MPC remains in ‘wait-and-see’ mode for a number of reasons.

“Perhaps most importantly, we are still awaiting announcements from Europe’s political leaders on how they intend to resolve the crisis currently crippling the area.

“Bearing in mind their decision – such as the exit of one or more member states from the Euro – could prove extremely disruptive to the UK economy, the MPC will undoubtedly want to keep any potential stimulus plans in reserve to ensure this response has maximum impact.

“While UK economic data continues to disappoint, even taking into account the recent upwards revision to GDP for the second quarter of 2012, it has been affected by the poor weather and the extra bank holiday for the Jubilee. Waiting for these distortions and those from the Olympics to drop out of the data will allow the Bank to make a better assessment of the state of the UK economy.

“In addition to this, the Funding for Lending scheme is still in its early stages and the MPC has been clear that it intends to review its initial effectiveness before making any further announcements.

“My view remains that there will be no changes to the Base Rate or QE for the remainder of the year.”