LONDON, Sept. 9 (UPI) -- The Bank of England said Thursday it would keep its commercial reserve lending rate at 0.5 percent, a move widely expected.

The BOE has kept the rate unchanged since March 2009. Since then, the British economy has managed a lethargic recovery, posting gross domestic product growth of 1.2 percent in the second quarter compared to the first.

The BOE said it would continue with a $308 billion asset purchase, which it also began in March 2009.

The bank issued a brief statement Thursday, which is traditionally followed up by a release of meeting minutes three weeks after the policy decision.