I see what you mean. I thought quantitative easing was inflation, but saying it under a different name.
But surely the Bank of England is lying about not using QE (despite what their balance sheet says) because the government is still running a huge deficit and the Bank of England must be monetising this deficit? Or is it actually the case that the market alone is financing this deficit, and when finally the market stops, the Bank of England (as the “Lender of Last Resort”) will once again buy government debt (resume the QE program)?
It’s just that I don’t believe the Bank of England when it says it isn’t using QE.