By DANICA KIRKALONDON (AP) — The Bank of England revised up its growth forecasts for the British economy on Thursday as it opted against another interest rate reduction in the wake of the country's decision to leave the European Union. Conceding that its earlier predictions over growth were too gloomy, the bank's policymaking Monetary Policy Committee kept its main interest rates at a record low 0.25 percent. The announcement was widely expected following recent figures showing that Britain's economy grew by a forecast-busting quarterly rate of 0.5 percent in the July-September period and signs of a marked pick-up in inflation. The vote was unanimous among the nine-member panel. The British economy has showed unexpected resilience following the Brexit vote. Growth has been stronger than many economists, including forecasters at the Bank of England, had anticipated. Analysts feared growth would slow after the June 23 vote to leave the EU, a decision which spurred the bank to cut rates and expand its economic stimulus program in August. In its quarterly economic forecasts that accompanied the rate decision, the Bank of England revised up its growth forecasts for the coming two years. Instead of 2 percent growth, it's now penciling in 2.2 percent for this year. And next year, it's now penciling in growth of 1.4 percent instead of 0.8 percent. It's also anticipating that inflation would rise to 2.7 percent next year, which is way higher than the current 1 percent rate and above the central bank's target of 2 percent. "Given the projected rise in unemployment, together with the risks around activity and inflation, and the potential for further volatility in asset prices, the (committee) judges it appropriate to accommodate a period of above-target inflation," minutes of Thursday's meeting showed. "That notwithstanding, the MPC is monitoring closely the evolution of inflation expectations."