Economic history · Britain

Quantitative Easing

2009 to 2026, in nine parts. Who chooses the inflation target, what the Bank reached for when the interest rate ran out, who gained from it, why the bill turned round, and where the selling has to stop.

9 modules · about 80 minutes

See the decisions you have taken

Free while the series is being written 1 of the 9 modules are written, and every one of them is free to read now. Nothing is charged and no account is needed.

The 9 modules

Modules are written to be read in order: each one opens on the question the last one closed with. Start wherever you like.

1 The Number Somebody Chose A politician picks the target. The Bank only chooses how to hit it, with one lever. 5 steps · 8 min · Free
2 When the Rate Runs Out Savers can always hold cash, so the one lever has a floor - and in 2009 it hit it. Coming soon Free
3 Reserves, Not Banknotes A separate company, a second-hand market, and money that banks cannot spend. Coming soon Free
4 Forty Times the Money The money base rose about fortyfold. Prices went on rising at about two per cent for eleven years. Coming soon Free
5 Who Says It Worked The best numbers on the benefit come from the institution that ran the policy. Coming soon Free
6 Who Gained, and Who Pays Now It widened the gap in wealth and narrowed the gap in income. Which you count decides the verdict. Coming soon Free
7 The Bill Turns Round It paid the Treasury GBP123.9 billion, and then it started charging. Coming soon Free
8 One Lever, Two Jobs Thirteen rate rises in a row, and every one of them raised the government's own bill. Coming soon Free
9 Where the Selling Stops The balance sheet never goes back, and how far down it can go is disputed. Coming soon Free
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Country data from the World Bank (CC BY 4.0) and the UNDP Human Development Report (CC BY 3.0 IGO)
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