Alongside today’s rate cut to 0.5% the Monetary Policy Committee has agreed in the first instance to buy up £75bn in assets using central bank funding.
There is a possibility that this could be extended to £150bn in the future.
The MPC estimates that the asset purchase programme could take up to three months to carry out.
The programme is set to be largely consisting of the buy-up of gilts, as well as private sector assets.
A statement from the Bank of England reads: “At its future meetings, the committee will monitor the effectiveness of this purchase programme in boosting the supply of money and credit and in due course raising the rate of growth of nominal spending, adjusting the speed and scale of purchases as appropriate.”