THE Bank of England refrained yesterday from pumping more money into the UK economy, citing improved signs of growth, as it held its first meeting since the arrival of the new Governor Mark Carney.

The Monetary Policy Committee kept its key interest rate at the record low of 0.5 percent and decided against expanding its stimulus program, as widely expected in the markets.

The bank has so far pumped 375 billion pounds (US$579 billion) into Britain's economy since 2009. Under the program, the BOE buys bonds from financial institutions with newly created money. The hope is the extra money will boost lending, helping economic growth.

In a statement, the BOE said that since May, "there have been further signs that a recovery is in train" - even though it was weak by historical standards.