LONDON ( TheStreet) -- The Bank of England launched more quantitative easing Thursday, saying it would spend another 75 billion pounds ($114.8 billion) to stimulate the U.K. economy.

The central bank had made asset purchases of 200 billion pounds between March 2009 and January 2010 to give the U.K. economy a boost.

"The pace of global expansion has slackened, especially in the United Kingdom's main export markets, the Bank of England said in a statement. "Vulnerabilities associated with the indebtedness of some euro-area sovereigns and banks have resulted in severe strains in bank funding markets and financial markets more generally. These tensions in the world economy threaten the U.K. recovery."

The bank left unchanged its base lending rate at 0.5%, a record low.

-- Written by Joseph Woelfel

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