The Bank of England has chosen not to follow US counterparts into another round of emergency measures to prop up the economic recovery. Policymakers held interest rates at an historic low of 0.5% and resisted pressure to pump more cash into the economy, despite fears surrounding the government's deficit-busting spending cuts announced last month. On Wednesday night, the US Federal Reserve unveiled a second quantitative easing programme of 600 billion US dollars (£372.8 billion) - dubbed QE2 - in a bid to kick-start the lagging recovery. Analysts suspect the Bank will reveal its QE2 package early next year - possibly injecting a further £50 billion on top of the existing £200 billion - as the country starts to feels the pain of austerity measures.