Ian McCafferty remained the only Monetary Policy Committee member to opt for a rate rise, as he voted for a 0.25% increase.
The MPC was unanimous in maintaining the quantitative easing program at £375bn.
The minutes from the meeting revealed that the committee “judges it appropriate” to return inflation to the 2% target in two years, but McCafferty felt domestic costs were likely to lead to inflation exceeding that target in the medium term.
This morning Mortgage Introducer revealed that inflation may fall as low at -0.3% once the October figures are released.
Barry Naisbitt, chief economist at Santander, said: "“With inflation just slightly negative in September and uncertainties about global economic prospects having been a feature of the last few months, the MPC was unlikely to change the decision taken last month.
"While the positive news from the activity indicators reported this week hints that the slowing in quarterly GDP growth seen in the third quarter – to 0.5% from 0.7% in the second quarter – might reverse, inflation remains well below the 2% target rate.
“This month the Inflation Report probably takes centre stage and it provides the Bank of England with an opportunity to set out the extent to which it sees any changes to the prospects for UK growth and inflation and also the global and domestic uncertainties that the economy faces."
