US-China trade developments will also remain in focus, and with any indications that the world's two largest economies can make a concession on a "Phase 1" trade deal this month could boost optimism in the Eurozone's economy, which relies heavily on global trade stability.
The bank's Monetary Policy Committee (MPC) voted 7-2 to hold borrowing costs, according to minutes of the rate-setting meeting that took place Wednesday.
The bank on Thursday also softened its language on the prospect of interest rate cuts, saying they "might" be necessary if global growth improved and Brexit uncertainty abated.
Small British manufacturing firms are their most pessimistic since just after the Brexit referendum in 2016 as they face political uncertainty at home and trade wars overseas, according to a survey published on Wednesday.
At the time of writing the GBP/ZAR exchange rate is now trading at around ZAR19.0835, up by around 0.5% since the start of the European session.
Outgoing BoE governor Mark Carney, partaking in his penultimate rate decision, warned over the gloomy global outlook.
The two main political parties are promising to end years of austerity and spend billions on infrastructure - aided by record-low interest rates - to try to fuel growth.
"We wouldn't rule out another hung parliament, which could either prolong Brexit uncertainty or alternatively see a Labour-led minority government begin organizing a second Brexit referendum", said James Smith, an economist at ING.
"As we think may be the case for other central banks, uncertainties and divisions may mean the ultimate outcome is to stay on hold", HSBC's Simon Wells and Chris Hare wrote.
The committee said that three quarters of the projected slump was driven by the "weaker global environment" and recent "moves in asset prices".
The BoE now assumes Britain will strike a trade deal that leads to new customs checks and puts up barriers to exports of financial and legal services.
This is the first time that a specific Brexit deal has been modelled into economic growth forecasts by the bank, stating that the deal leaves it worse off than under previous Brexit assumptions.
Though waning fears of a no-deal Brexit should help cushion growth in the near-term, the bank said the British economy will grow by around 1% less over the coming three years than it forecast just three months ago.
The yield on the benchmark 10-year gilts, jumped 2 basis points to 0.738 percent, the 30-year yield surged 3 basis points to 1.264 percent and the yield on the short-term 2-year edged tad 1 basis point up to 0.551 percent by 10:45GMT.