The Confederation of British Industry was also disappointed at the decision and said the MPC missed an opportunity to help counter a possible global economic slowdown.
"There is a real need to maintain confidence and encourage firms hesitating over investment plans," Kate Barker, chief economic adviser said. "Companies will now be hoping that a cut has merely been delayed until February".
She believes the BoE can cut rates without stoking inflation above the government's target.
"Indeed, without a cut there is a distinct possibility that inflation will undershoot," she said.