The Bank of England’s rate-setters have decided to pump another £50bn of new money into the economy in their programme of quantitative easing.
It will take their total spending to £175bn, unexpectedly going over the £150bn set aside by the chancellor.
In a statement, they said that the UK recession “appears to have been deeper than previously thought”.
The rate-setters also decided to keep interest rates unchanged at their historic low of 0.5% for a sixth month.
Also on Thursday, the European Central Bank decided to keep its interest rates unchanged at 1%.