Bank of England’s quantitative easing scheme let ‘inflation take root’

UK economy became reliant on cheap money due to the Bank's actions, warns former permanent secretary to the Treasury

The Bank of England's quantitative easing money-printing programme enabled high inflation to take root in Britain, while creating windfall gains" for the rich, a former Treasury mandarin has warned.

Nick Macpherson, who was permanent secretary to the Treasury under the last Labour government and during David Cameron's premiership, said the central bank's 895bn bond-buying stimulus programme had gone too far" and made the inflation shock hitting Britain worse.