The Bank of England has kept interest rates at the historic low of 0.5% for the 13th month in succession.

This decision was widely expected, as it is feared that any rise in the cost of borrowing could damage the country's economic recovery. The UK emerged from recession in the final quarter of last year after six consecutive quarters of contraction.

Despite the UK officially exiting recession with a 0.4% growth in the last quarter of 2009, some economists are warning that the recovery is still fragile.

It was also announced that no more money will be pumped into the economy under its quantitative easing (QE) programme for the time being. The Bank recently halted QE, having spent £200bn.

"We expected and support the MPC's decision to continue with a holding approach. A fragile recovery is now under way, but the upturn must be nurtured to counter risks of a relapse," said David Kern, chief economist at the British Chambers of Commerce.

"Despite the upward revision to GDP in the fourth quarter of 2009, and the prospect of positive growth in the first quarter of this year, the economy remains weak and vulnerable to a setback. Businesses remain under pressure and there is absolutely no room for complacency."