The UK is likely to see more quantitative easing next week or at the latest by November, according to one economic advisor.
"We are at the point where the government and the MPC (Monetary Policy Committee) have to do everything they can to try and stimulate the economy.
If they don't have further quantitative easing then there will be a downward effect on overall growth," Ruth Lea economic advisor at Arbuthnot Banking Group told CNBC.
Lea dismissed any criticism of the first round of quantitativeeasing by the Bank of England, which critics have argued has not helped growth but instead has caused higher inflation.
"I agree with the Bank of England that it did help the capital markets, it did help corporations raise more funding at a lower price.
We have got to a point where there are so many downsides to growth that I would encourage the bank to do some more to improve growth," Lea said.
Stimulating the economy by printing more money has been openly questioned with some arguing that it has not worked in tackling the broader economic problem of low growth or "stagflation" .
The latest round of monetary stimulus or "Operation Twist" by the Federal Reservewas largely dismissed by the markets as being ineffective to tackle the long term growth problems affecting the US and other developed nations.
Lea said that the ongoing euro zone crisis was crippling the global economy's ability to move forward and tackle the stagnating macroeconomic environment.
She said it was inevitable that Greece would end in a "horrendous default".
"The euro zone should sort itself out. The European politicians have done far too little, far too late. The situation is now almost intractable and unsavable [sic]," she said.
She argued that full fiscal union for the euro zone would never happen but was the only way to save the euro zone.
"The only way forward is to go down the route of genuine fiscal union. You have to have a euro zone treasury, a euro bond and of course you have fiscal transfers from richer north to poorer south, true political union. I don't think that this is ever going to happen.
"People in the North will not want to pay and the South does not want to lose its economic sovereignty," Lea added.