Bank of England Defends QE

The bank claims most Britons are better off because of fiscal activism

The Bank of England has defended its policy of quantitative easing, despite admitting that the top 5% of households have benefited the most.

Since March 2009, the Bank has tried to stave off recession by buying £375bn of government bonds, known as gilts.

The aim has been to cut their returns, forcing investors to put their money elsewhere, such as in shares.

Although pension funds have suffered as a result, the Bank says most people are better off because of QE.