The Bank of England announced its plans to inject another $116 billion (75 billion pounds) into the economy in an attempt to boost demand and prevent inflation from falling too low.
The Guardian reported the bank will use the money in an attempt to stimulate the ailing economy.
More from GlobalPost: Geithner joins EU talks to solve debt crisis
This is the second time the Bank has added money, reported Al Jazeera. It previously injected $308 billion (200 billion pounds) into the economy by buying assets like government bonds.
The most recent dose of money is the first time money has been added though quantitative easing since 2009.
More from GlobalPost: American's Debt Crisis in Photos
According to the Guardian, Sir Mervyn King, the Bank of England’s governor, said the U.K. was in the midst of the “most serious financial crisis” since the Great Depression in the 1930s and dismissed fears that the monetary injection would add to inflationary pressure.
The move came after data on Wednesday showed 0.1 percent economic growth in the U.K., which was less than expected, the BBC reported. The Bank of England’s interest rates also held at 0.5 percent, a record low.
The story you just read is not locked behind a paywall because listeners and readers like you generously support our nonprofit newsroom. If you’ve been thinking about making a donation, this is the best time to do it. Your support will get our fundraiser off to a solid start and help keep our newsroom on strong footing. If you believe in our work, will you give today? We need your help now more than ever!