The Bank left the size of its asset purchase programme unchanged at £375bn on a day that better-than-expected services data added weight to hopes the UK will avoid a triple-dip recession.

The services purchasing managers index (PMI) reading for March came in at 52.4, above both February’s 51.8 mark and the 51.5 reading that had been expected by economists.

That points to Q1 2013 GDP growth of 0.1%, according to data provider Markit, following on from the 0.3% contraction seen in Q4 2012.

Capital Economics’ UK economist Samuel Tombs expects further easing later this year but noted the chance of further QE in May has “perhaps declined” following stronger data.

“The economic data have generally improved since the last meeting, albeit marginally. In particular, the PMIs of all three of the CIPS/Markit business surveys edged up in March, while retail sales grew strongly in February,” he said.

“[However] we think the current stasis will not last long. Although the MPC may be braced for a disappointing Q1 GDP figure, we doubt the recovery will suddenly strengthen and match their expectations for later this year.”