In the minutes from the Monetary Policy Meeting on 7-8 November, the committee said it was "unlikely to wish to reduce bank rate in the foreseeable future."
There had previously been speculation of a further rate cut but the committee said it had consulted with the Financial Services Authority and Building Societies Association on the consquences of a reduction but ultimately declined.
The bank rate has stood at 0.5 per cent since March 2009.
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The minutes said: "While it would be beneficial for some existing borrowers, there were concerns that a cut in bank rate might prove counterproductive for aggregate demand as a whole.
"Staff analysis has concluded that a further cut in bank rate would be likely to cause a reduction in the profitability of some lenders, especially building societies, because of the prevalence of loans with interest terms contractually or closely linked to bank rate. This would weaken their balance sheets and they might have to respond by increasing other loan rates or restricting lending."
MPC member David Miles was the lone supporter of an increase in asset purchases, the first time since July that a decision had not been unanimous. Mr Miles wanted to increase the size of the programme by a further £25bn, bringing the total to £400bn.
The next MPC meeting will be held on 5-6 December.

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