The Bank of England (BoE) left its main interest rate and monetary stimulus program unchanged on Thursday, as the country's finance minister delivered his bi-annual state of the economy address.
The central bank's Monetary Policy Committee opted to keep the bank rate at a record low of 0.5 percent, and left its asset purchase total at £375 billion ($613 billion).
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The inaction was expected by the BoE, now led by Governor Mark Carney, who has said previously that the bank will not consider raising interest rates until unemployment falls to 7 percent.
The monetary policy decision came as U.K. Chancellor George Osborne delivered his Autumn Statement to Parliament. Osborne revealed significantly higher near-term growth forecasts for Britain's economy by the independent forecaster the Office for Budget Responsibility.
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