Bank of England likely to hold firm in response to US quantitative easing

The Bank of England is unlikely to follow the US in pumping further cash into the economy today, citing a recent run of positive data.

The City had been expecting the Bank's Monetary Policy Committee (MPC) to announce additional measures to encourage the nascent recovery amid fears of a double-dip recession, worsened by the impact of the British government's deficit-busting spending cuts.