Policymakers at the Bank of England (BoE) need to oversee a considerable injection of quantitative easing (QE) in the near future to stimulate the ailing UK economy.
That is the view of BoE official David Miles, who believes the implementation of further monetary stimulus is essential in order to kick-start the country's "stalled" financial system.
During an interview with the Financial Times, Mr Miles - who voted in favour of more QE at the Monetary Policy Committee's last meeting - advocated the use of at least another £50 billion ($77 billion) to kick-start growth.
"Do we need a more expansionary monetary policy? 'Yes'. Should it be a substantial change in asset purchases? 'Yes'. Is £50 billion a substantial number? 'Yes it is'," he noted.
Last month, it emerged that the UK has slipped back into recession after experiencing economic contraction of 0.3 per cent in the first quarter of 2012 and Mr Miles indicated that a variety of factors are behind this, including high commodity prices.
By Gary Cooper