Britain's economy is £50bn better off as a result of the Bank of England's decision to pump in money in the wake of the global financial meltdown, one of its most senior economists has argued. The Bank's £375bn quantitative easing programme (QE) has had a bigger impact on gross domestic product than initially thought, according to Martin Weale, adding about 3% or £50bn to the overall level of GDP since it was first introduced in March 2009. Total UK GDP was about £1.6tn in 2013. Weale, a member of the Bank's interest rate-setting monetary policy committee (MPC), also suggested QE has had a bigger impact on inflation ... (full story)