I am, and always have been, dubious about the usefulness of QE, and regret the process by which the Bank and the MPC decided to embark on it, and gave overly confident accounts of how it worked and its impact. This post elaborates, putting the sceptical side of the QE story that the MPC has sidestepped. None of these sceptical arguments are original, and all have been made before by people higher up the food chain than I. I don't go through the arguments in favour in great detail, as this side of the story has already been told.