Where Did The Qe £375 Billion Of Taxpayers Money Go ?

[sevenOP]

Is there a record the taxpayer can access of where *exactly* this £375 billion of the Public's money went ?

[ToraToraTora]

what £375bn? link please.

[Old_Geezer]

It's the quantitative money print being referred to. I don't know where it went, paying government projects and finding businesses I guess. Still waiting for them to put it back as it was, as we were assured would be the case for it was a short term fix.

[-Talbot-]

http://www.itv.com/news/2012-08-23/bank-of-england-defends-printing-375-billion-but-who-really-cashed-in/

[ToraToraTora]

I see, ok It generally goes to buy investment products from the financial institutions etc. The governement then holds these and sells them as and when. The money is then in the economy. It is basically creating new money, in the old days they literally printed money and used it to pay public sector wages in cash but UK didn't do much of that. Germany/Hungary got themselves into hyper inflation by printing money.

[sevenOP]

Thanks for that Link Talbot ¦ - )

Thanks for the excellent explanation TTT, but I want 'how much spent and on what exactly' ie bought x shares from Company y... details, in other words, of exactly what was purchased when.
There are surely records?

[ToraToraTora]

yes, there are records i'd imagine the BOE will supply that information if asked. There will be a fee of course.

[factor-fiction]

The way QE works is that the central bank buys government bonds through commercial banks and other financial institutions. It's just another way of increasing the money supply Are you looking for a list of which institution the B of E bought them from?

[sevenOP]

factor-fiction>"The way QE works is that the central bank buys government bonds through commercial banks and other financial institutions. It's just another way of increasing the money supply Are you looking for a list of which institution the B of E bought them from? "

I am ^so^ glad you added that fiction-factor:
Since the Central Bank is the one that issues government bonds then it is effectively buying back its own debt ??? with what?... I have read claims that it 'buys' back this debt with more 'created' bonds, and I have read that the Central Bank 'purchased assets' ( whatever that means).
This Bank of England video 'explains' that the B of E buys back its own debt - bonds - and that it buys them back mostly from firms other than banks: it also mentions that the B of E is also buying smaller amounts of private debt like corporate bonds.
I have read that the main private debt it purchases is the 'toxic assets' remaining from the 2007 financial disaster.

So does magic money produced by the B of E *mainly* buy back its own debt (=bonds) and a small amount of private=corporate debt ?

Yes factor-fiction *if* the above is correct then Yes! I would still like to know whom the government bonds were bought from and whom and what exactly was the private/corporate debt that was purchased.( I am willing to pay the government/Bank of England for this information and will then list it here and other Public Forums.)

7 years on since the financial disaster and I have yet to meet anyone that I have asked - and I have asked many many people - and none of them have been able to give a clear answer to what exactly the quantitative easing entailed.

This £375 billion is a huge total and the media avoid any clear explanation
of it, so please can someone help us all understand this.

http://www.bankofengland.co.uk/monetarypolicy/pages/qe/default.aspx

http://en.wikipedia.org/wiki/Gilt-edged_securities