Published by Zeb BhamBank of England governor Mervyn King may yet increase the £200 billion asset purchase plan in order to stimulate growth in a weakening economy.Speaking to Bloomberg, Alan Clarke, an economist at BNP Paribas in London, said that pressure seen in the manufacturing, services and construction sectors throughout August has strengthened the case for additional stimulus.It has also undermined the case for a potential interest rate hike, as a weaker pound will help export markets raise revenue from international payments.Interest rates are currently held at 0.5 per cent, the lowest level in the 316-year history of the Bank of England."They are more likely to loosen policy further before they tighten it. The danger is acting too late and not soon enough," he said.Mr Clarke added that he expects a further loosening of economic policy to be announced by the nine members of the Monetary Policy Committee in February.For more information on international payments, visit our Smart FX site.