NEW YORK (TheStreet) -- The Bank of England on Thursday said it will stand pat on interest rates and hold off on its quantitative easing program as economic data revealed that the pace of economic recovery wasn't declining as quickly as many had thought.

The BOE held interest rates at the record low of 0.5% and said it would not increase its bond purchase plan from 200 billion pounds ($324 billion). The news came as no surprise to any of the 63 analysts polled by Reuters.

The decision came after surprisingly strong economic data out the U.K. that signaled momentum in the manufacturing and service sector.

Still, analysts believe the Bank of England may decide to inject economic stimulus later, perhaps in February, against the backdrop of greater government spending reductions.

The decision comes a day after the U.S. Federal Reserve announced plans to purchase $600 billion in in long-term Treasuries until the end of June 2011, compared to the $500 billion that the market was expecting.

-- Written by Andrea Tse in New York.

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