LONDON (Reuters) – The Bank of England kept the scale of its asset purchase programme unchanged at £200 billion ($319 billion) and left UK interest rates at 0.5 percent in a widely expected move yesterday.

Policymakers had indicated they were likely to stay on hold until at least February when they will get new growth and inflation forecasts and the scheduled asset purchases run out.

This was the unanimous expectation of economists polled by Reuters before Christmas.

The BoE launched its quantitative easing process — which uses newly created money to buy financial assets, mostly gilts — in an unprecedented attempt last March to boost an economy ravaged by a global credit crunch.

The economy is now showing signs of revival.

House prices are rising and forward-looking surveys point to a recovery in activity, suggesting Britain pulled out of recession during the last three months of 2009.

Most analysts expect no further expansion of the QE programme — which was expanded by £25 billion in November — meaning the scheme will end next month.

But it is likely to be some while before policymakers feel confident enough about growth to start raising interest rates.