The Bank of England resisted calls to cut the cost of borrowing yesterday when it pegged interest rates at 4.75 per cent for the 11th month in a row.
Members of the Bank's Monetary Policy Committee announced the decision at noon as planned, after continuing their two-day deliberations despite news of the London explosions.
It is thought unlikely the Bank would have factored in any possible economic impact from the terrorist atrocities.
Jonathan Said, economist at the Centre for Economics and Business Research, said it was still possible that the MPC could meet in the coming days, in the way it did following the September 11 terrorist attacks.
He added: "If the impact on the FTSE and, more importantly, the pound worsens, the Bank may consider cutting rates so as to prevent additional negative pressure upon the UK's consumer slowdown."
But Simon Rubinsohn, chief economist at fund manager Gerrard, doubted the Bank would create an impression of panic.
The failure to act produced deep frustration among Birmingham businesses. Birmingham Chamber of Commerce and Industry had urged the MPC to trim rates in the face of a manufacturing sector which is on the brink of recession.
BCI policy executive Charlotte Ritchie said: "The danger now is that manufacturing will slide into recession and we urge the Bank to reduce rates next month."
The decision to peg rates was condemned in the Black Country.
Ian Brough, chief executive of Black Country Chamber, said: "The Bank of England obviously does not live in the same world as the people at the sharp end of the economy.
"This decision pays no heed to the very real difficulties of the manufacturing sector - falling consumer spending, weak retail sales and a stuttering housing market.
"All those key indicators should have told the Bank that the economy needs a kick-start, not a kick in the teeth."
But there was some support for the Bank's stance.
Valerie Bowles, economist and chief executive at law firm Manby & Steward, which has offices in Wolverhampton, Telford and Bridgnorth, praised it for avoiding a " knee jerk reaction" to recent negative data.