The Bank of England stuck to its plan to buy as much as 200 billion pounds ($326 billion) in bonds as officials seek to ensure the economy’s escape from the longest recession on record.

The Monetary Policy Committee, led by Governor Mervyn King, kept the target for its asset-purchase program unchanged today, as predicted by all 38 economists in a Bloomberg News survey. The central bank also held the bank rate at a record low of 0.5 percent, according to a statement in London.

Policy makers said last month that the most “natural” time to assess the so-called quantitative easing program again will be in February, when they will have more evidence of the economic pickup and new forecasts. Chancellor of the Exchequer Alistair Darling said today he wants to keep up support for the economy until a recovery is secured.

“They should do more quantitative easing, but they probably won’t,” said Alan Clarke, an economist at BNP Paribas in London. “They’ll probably pause. The first interest rate hike is a long, long way off.”

The pound rose against after the decision. Sterling was up 0.5 percent against the dollar on the day, trading at $1.6288 as of 12:29 p.m. in London. The yield on the 2-year gilt climbed 6 basis points to 1.166 percent.

Rate Survey

The bank’s decision to keep the interest rate unchanged was predicted by all 53 economists in a Bloomberg News survey. Iceland’s central bank cut the main interest rate by 1 percentage point to 10 percent today. The Swiss National Bank left its benchmark, the three-month Libor target, at 0.25 percent, while taking its first step to exit emergency measures by stopping purchases of corporate bonds.

King said last month he has an “open mind” on whether to do further bond purchases as he weighs the risk that withdrawing stimulus too soon will jeopardize the recovery. The Bank of England has now spent more than 187 billion pounds of newly created money on bonds. The bulk of its purchases have been in gilts, with corporate securities accounting for the rest.

Prime Minister Gordon Brown is trying to cement the economy’s recovery in time to win the next election, due by June next year. Britain’s opposition Conservative Party had support from 38 percent of voters, compared with 30 percent for the ruling Labour Party, a Populus opinion poll for the London-based Times showed this week.