Quantitative easing: A licence to print money?

The Bank of England's quantitative easing programme has been widely credited with helping stave off economic depression in the UK – for the time being at least. But what impact has it had on the outlook for inflation?


The law of unintended consequences says that we must, in some way, pay for quantitative easing (QE) – an unconventional economic stimulus initiative that has seen the Bank of England pump £125 billion directly into the UK economy to stave off recession. In August, the central bank committed a further £50 billion to the programme, £25 billion above its original plans to create up to £150 billion on the UK's balance sheet. Surely the economic theory underpinning QE can't be so simple as to state

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