LONDON, May 10 (UPI) -- The Bank of England said Monday it would keep its overnight lending rate at 0.5 percent for the 14th consecutive month.

The bank also said it would continue with a qualitative easement program set at $300 billion.

The bank releases minutes of its Monetary Policy Committee decision three weeks after the announcement. The meeting this month was postponed due to Thursday's general election, which concluded with a hung parliament.

"Given the political and fiscal uncertainty enveloping the country, and a mixed bag of evidence on the strength of the recovery, financial markets didn't need any surprises," The Times of London quoted Graeme Leach, chief economist at the Institute of Directors, as saying.

"It made sense to leave interest rates and quantitative easing unchanged," he said.