Bank pumps £50bn more into the economy

The Bank of England has announced that it is raising its quantitive easing programme by £50bn.

The Monetary Policy Committee (MPC) has already spent £325bn to date on asset purchases aimed at kickstarting the economy.

The bank kept the base rate of interest at its historic low of 0.5 per cent.

Official GDP figures have showed the double-dip recession is worse than feared, triggering the latest move to boost the economy.