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The ECB said it would keep bank-to-bank lending rates at 1 percent, while the BOE said it would keep its rate at 0.5 percent, after a fourth quarter of "sluggish growth."

The BOE's Monetary Policy Committee said inflation has risen sharply, reaching 2.9 percent in December, surpassing the bank's target rate of 2 percent. Increases in worker compensation, meanwhile, "remained subdued", the bank said.

The weakness of the British pound, export activity and bank policies "should together support domestic activities", the Monetary Policy Committee said in a statement.

Consumer spending, meanwhile, "appears to have picked up a little", the bank said.

The ECB explains its policy decision with a press conference held later in the day.

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