The Bank of England’s quantitative easing programmes have made people across the income distribution better off, research published by the central bank finds.

BoE chief economist Andy Haldane with co-authors Philip Bunn and Alice Pugh seek to link the impact of QE in the UK to survey data on household balance sheets and wellbeing. They focus on the global financial crisis and its immediate aftermath.

Relative to a hypothetical case where the BoE took no action, almost all households benefitted

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