The Bank of England will infuse another £50bn ($78bn) into the UK's deteriorating economy, with a hope to counter the effects of the eurozone crisis.

Although, the UK is not a member of European Union, it depends heavily on the area for the day-to-day trading of its goods and services, thus affecting its progress.

UK’s central bank’s Monetary Policy Committee has already injected £325bn under its Quantitative Easing (QE) stimulus policy since March 2009, when it also slashed its key rate to its all-time low level.

Under the increased stimulus package, The Bank of England has increased the target for asset purchase program to £375bn from previously announced £325bn.

The Monetary Policy Committee (MPC) said, "Concerns remain about the indebtedness and competitiveness of several euro-area economies, and that is weighing on confidence here. The correspondingly weaker outlook for U.K. output growth means that the margin of economic slack is likely to be greater and more persistent."

The Bank of England last month loaned banks £5bn in the first use of a facility to shield Britain’s financial system from the eurozone debt crisis.