PA -- Bank of England policymakers are being urged to act and roll out further emergency measures amid signs the economy is stagnating and consumer confidence is plummeting.
Business leaders called for the Bank's Monetary Policy Committee (MPC) to increase quantitative easing (QE) levels after figures revealed economic growth in the first half of the year was weaker than first thought.
Most economists expect the MPC to announce a boost to QE in November or beyond - but some have predicted a move today. The MPC is not expected to lift interest rates from record lows of 0.5%.
The MPC monthly meeting also comes after the Office for National Statistics (ONS) revealed the 2008/09 recession was deeper and sharper than first originally feared.
David Kern, chief economist at the British Chambers of Commerce, said he expected the MPC to increase the QE stock from £200 billion to £250 billion.
He said: "While the government must continue to implement its tough deficit-cutting programme aimed at stabilising our public finances, every effort must be made to reduce risks of a setback."
Some economists yesterday warned a double-dip recession was now more likely but the Treasury said it would not alter its deficit-busting austerity measures despite the bleaker picture.
Howard Archer, chief UK and European economist at IHS Global Insight, said "the risk of renewed recession has clearly risen recently".
He added: "The adjustments to the GDP history do not change the current situation which is of an economy struggling for growth in the face of major domestic and international headwinds."
Gross domestic product grew 0.1% between April and June, compared with an earlier estimate of 0.2%, while the first quarter was downgraded to 0.4% from 0.5%, the ONS said.