Quantitative easing is like heroin, says former Treasury official

Nick Macpherson says it's 'time to move on' from QE, nearly 10 years after the financial crash, because of its unwanted side-effects

A former senior Treasury mandarin has compared quantitative easing to heroin and called for an end to almost a decade of electronic money printing by central banks.

Nick Macpherson was permanent secretary to the Treasury when Bank of England officials started buying UK government bonds to stimulate the economy following the financial crisis. On Monday, he said it was "time to move on" from QE, which is credited with helping Britain into recovery but remains in use nine years later amid concerns over Brexit.

Related: Quantitative easing is a costly habit we should have kicked long ago | Larry Elliott

QE like heroin: need ever increasing fixes to create a high. Meanwhile, negative side effects increase. Time to move on.