On its own though, I don;t see how it helps to re-balance the economy at all, it does help keep up money supply, but it also rigs the system and leaves us with a future problem of unwinding all the assets that the Bank of England is borrowing today.
More radical is to do more QE - much more, perhaps another £200 billion, but to raise interest rates to 2%. This would keep up the money supply, but allow savers a rate of return and seek borrowing and lending normalise somewhat - an adjust away from the fantasy economy. In gross terms this will be less stimulative overall, but would cure some of the strange things that we now see (idiot borrowers like me well rewarded for taking huge risks, careful savers getting reemed).
Too radical for economists to implement though, sadly
