The Bank of England (BoE) released its interest rate decision on Thursday. The BoE kept its interest rates unchanged at 0.5% and its asset purchase program unchanged at £375 billion. This decision was widely expected.

Low inflation weighed on the BoE's interest rate decision. The consumer price inflation dropped to an annual rate of 0.3% in January and expected to turn negative in coming months.

Analysts expect that the BoE will start to raise interest rate later in early 2016.

Investors are awaiting the minutes of the monetary policy committee (MPC). The minutes of the meeting will be released on March 18.

All members voted in January to keep the central bank's monetary policy unchanged, according to MPC's meeting minutes.