Mark Carney was fast in loosening monetary policy following the vote to leave the European Union. He cut the benchmark rate to 0.25 percent, expanded the quantitative easing program by an extra £70 billion ($88 billion)and added corporate bonds to the bank's shopping list.
Most analysts do not expect changes throughout 2017 as economic growth remains subdued and inflation rises.
"Our broad expectations are that the MPC will keep the Bank rate on hold at 0.25 percent and maintain the QE target at £435. This is on a scenario where growth is slow but not desperately weak and where inflation rises and peaks above 3.5 percent, but begins to decline before the end of 2017," Philip Shaw, chief economist at Investec, told CNBC.
Kallum Pickering, senior U.K. economist at Berenberg, also said that "there is a low-probability the BoE will alter its stance during 2017."
"The UK is set for a mediocre year of growth (circa 1.5%) as Brexit uncertainty hangs over the economy, employment will remain at a high level while inflation rises from the sterling depreciation – this is not the sort of mix that would warrant a policy change," he said.
But ultimately it will depend on growth. If GDP surprises on the downside and demand deteriorates, the BoE could announce further easing. But if growth continued to surprise to upside in 2017 and the economy continued to expand, domestic inflationary pressure would begin to add to currency related increases in inflation.
"As it stands, (British Prime Minister Theresa) May's hard-Brexit rhetoric and lack of sufficiently strong pro-growth policies suggest supply could be damaged more than demand. Brexit could thus be inflationary in the long term and push the BoE policy rate higher. Markets may begin to ask if the BoE will shift to this stance as early as next year if the economy continues to do well in the near term," Pickering added.