The Bank of England left its key interest rate at a record low and signaled it's readying stimulus for August as the economy reels from Britain's decision to quit the European Union.

The nine-member Monetary Policy Committee, led by Governor Mark Carney, voted 8-1 to keep the benchmark at 0.5 percent, with only Gertjan Vlieghe saying the outlook justified an immediate reduction. The decision is likely to shock investors, who had priced in more than an 80 percent chance the rate would be lowered. While policy makers discussed what measures could help the economy, they stopped short of detailing what those might be.

"Most members of the committee expect monetary policy to be loosened in August," officials said, according to the minutes of their July 13 meeting. "The committee discussed various easing options and combinations thereof. The exact extent of any additional stimulus measures will be based on the committee's updated forecast, and their composition will take account of any interactions with the financial system."