I didn't suggest that QE was funded by borrowing or by taxation; I linked the topic to the general revenues and said that QE creates new money; I also stated that it is non-inflationary if it funds new economic activity. My comments linked to Annie's reference to services having to be paid for, and Annie's comment was attached to my reply
Professor Richard Murphy writes a number of articles on the subject and challenges the orthodoxy of UK Government and Bank of England views; a perfectly permissible practice, given that Modern Monetary Theory continues to evolve, and, when the first tranche of QE was created, George Osborne, economists and the serious financial journalists started a heated debate on whether a] A Government issuing QE was issuing debt or merely creating new money; and b] whether, if there was a debt created, whether the interest should be netted against the original QE issue, a course which Mr Osborne was proposing. Professor Murphy argues that a Government issuing QE is creating its won money and it cannot therefore be creating debt, so including the QE issues in UK Debt is wrong, and merely overstates the level of UK Debt, though this suits the purpose of some politicians
Steve