But business leaders warned the MPC must not drag its heels on cutting rates again after lowering borrowing costs in August.
Unemployment has risen for nine months in a row and official data released this month showed that manufacturing output fell by a surprisingly sharp 0.7 per cent in October.
Economists said the no-change decision was predictable given the evidence of the November inflation report published by the Bank of England.
Inflation stood at 2.3 per cent in October and MPC members have flagged a string of potential threats in recent speeches.
Investec economist David Page said: 'The MPC is keen to assess pay deals after the New Year and consumer spending over the Christmas period. Only then will it be willing to think about further rate cuts.'
Signals coming from the high street have been mixed so far, with the CBI claiming that retail sales in November fell at their fastest rate for at least 22 years.
But the British Retail Consortium offered a different view, finding that like-for-like sales rose 0.8 per cent on 12 months ago after the recent cold snap set tills ringing at clothes shops.