The Stoxx Europe 600, a broad measure of large European stocks, also recovered most if its losses and was trading up 0.9%.
"The Bank of England stood firm today, surprising markets, which had been bracing themselves for a rate cut," said Dean Turner, economist at UBS Wealth Management. "But this is not the end of the story."
Markets had been expecting a cut, pricing an 80% chance that the central bank will lower its rate to 0.25%. This would have been the first cut since the depths of the financial crisis in 2009.