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What is left after quantitative easing?

As the UK government is forced to inject a further £50 billion into the Bank of England's quantitative easing program there is growing concern regarding the tools left in the box if quantitative easing does not work. This is a situation which is set to cost the UK taxpayer £175 billion with no definite return in the short to medium term. Despite earlier signs that quantitative easing was working, it has become apparent that without the assistance of the general banking sector this will literally only scratch the surface.

The UK government is now stuck between a rock and hard place because ultimately it needs the assistance of the general banking community but also needs to save face amongst UK voters. There is no doubt that each day that quantitative easing continues the power in the battle between the UK government and the banking sector moves ever closer to the banks. They are well aware of this and while ultimately they will increase lending levels they will do so in their own time and at their own rate.

All the talk of government investigations into the banking system, fines and other penalties are effectively meaningless as the UK government is becoming something of a toothless tiger.

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