The Bank of England is expected to expand its radical programme of printing money by a further £50bn today as the fight against the deepest downturn for decades is stepped up.
City economists are on balance forecasting that Mervyn King, the Bank's Governor and the rest of the Monetary Policy Committee will extend the total size of the plan, known as quantitative easing (QE), to £225bn - matching the size of the Greek economy.
The unconventional plan, which was first adopted by the MPC in February, has seen the Bank buy billions of banks of UK government bonds, or gilts, from financial institutions in the hope the money spent will be invested in the wider economy.
Experts admit that it's hard to judge whether the policy is working, but with the economy still languishing in recession last quarter, most reckon it's worth expanding.
“It is a lot of money, but if it does restart the economy and gets it moving again then it’s worth it,” said George Buckley, an economist at Deutsche Bank. “It’s very difficult to say if quantitative easing is working, but it is doing something.”