Such a move is to be delivered via quantitative easing (QE) and will add to the Â£200 billion the body has already injected into the economy when it attempted to bolster lending by commercial banks.
That strategy was carried out through the purchasing of assets - such as government bonds - but the latest call is the first time the BoE has added to its QE programme since 2009.
In a statement, the BoE said: "In the UK, the path of output has been affected by a number of temporary factors, but the available indicators suggest that the underlying rate of growth has also moderated."
Interest rates have also been held by the bank - which was founded in 1694 - at the record low of 0.5 per cent.
By Tony Aynsley