The Bank of England has opted to keep interest rates at a record low 0.5 percent amid fears about global growth and uncertainty over a popular vote on whether Britain should leave the European Union.

Policymakers have kept the rate steady for seven years — and many analysts believe they are unlikely to budge until next year. Market volatility in China, trouble in the oil industry, and fears about a British exit from the EU have weighed on growth outlook.

The Bank of England also declined Thursday to pump more money into the economy.

Bank of England Governor Mark Carney has said the central bank could respond with more stimulus measures, but would not follow Japan in cutting rates below zero.