The economy grew at an annual rate of 1.5% in the three months to June, down from 2.1% seen in the previous quarter.
The Bank also expects the economy to grow more than previously forecast this year, although uncertainties remain because of the Iran war.
The Bank also expects the economy to grow more than previously forecast this year, although uncertainties remain because of the Iran war.
Disruption to global supplies of oil and liquid natural gas through the Strait of Hormuz has pushed up prices.
It would be the fifth hold in a row, with the Bank rate standing at 3.75% - the lowest since February 2023.
The Federal Reserve's decision, which was broadly expected, means rates remain between the 3.5% and 3.75%.
The Federal Reserve's decision, which was broadly expected, means rates remain between the 3.5% and 3.75%.
BBC business reporter Dearbail Jordan explains how it works from inside the Bank of England.
Sharp falls in the value of chip makers have stoked investor concerns that the euphoria around AI related companies is fading.
The interest rate set by the Bank of England affects mortgage, loan and savings rates for millions.