The Bank of England looks set to keep interest rates at record lows and its asset buying plan unchanged on Thursday, holding fire on more stimulus for a fragile economy while it assesses the impact of existing measures.

The Bank, which only a few months ago looked close to raising rates from their trough of 0.5 percent, extended its 200 billion pound quantitative easing in October, announcing plans to buy 75 billion pounds of gilts over four months.

Since the last meeting, a welter of gloomy economic news has fuelled fears of a renewed recession and as the euro zone crisis rages on, many observers expect the Bank to eventually pump more money into the economy to fight the danger of a deep slump coupled with falling prices.

In our view, the 75 billion pound increment announced last month is likely to be insufficient to fill the gap in demand that has emerged in recent months, Barclays analyst Simon Hayes said.

However, having set out a four-month asset purchase programme in October, which will take it up to the February Inflation Report, it would look a bit odd for the MPC to revise its plan just a few weeks later, he added.

The Bank will publish its decision at 12 p.m. and does not usually provide detailed comment if policy is unchanged.

Attention will therefore turn to the Bank's quarterly inflation report, due on November 16, which will contain the new forecasts.

The Bank is expected to take a much more pessimistic view on growth and may also predict an even steeper decline in inflation in the medium-term from the high of 5.2 percent hit in September.

In August the bank predicted growth of above 2 percent for next year. But most economists are taking a much more sceptical view, and Bank policymaker Adam Posen said in a recent interview growth was likely to be only a little more than 0.5 percent.

Bank governor Mervyn King said after the October decision the worsening outlook for the global economy had made further easing necessary in Britain as the country was mired in the worst financial crisis since the Great Depression of the 1930s.

With the government's hands tied by its pledge to erase the country's budget deficit of some 10 percent of gross domestic product the onus to support the economy will remain firmly on the Bank.

A Reuters poll gave a median prediction of a total of 325 billion pounds in asset purchases, though some economists see the Bank buying up to 500 billion.

(Reporting by Sven Egenter; editing by Ron Askew)