Telegraph
"The problem is, according to the latest stats from the Bank, we haven’t yet even had any convincing signs that step one is working very well. All other things being equal, one would expect a £125bn injection to increase the amount of cash sloshing around the economy (the Bank calls this M4 - no relation to the motorway) by 7pc or more. But according to figures released this morning, the growth in the key measure of M4 (including complex and noisy things like hedge funds) tailed off in June, falling 0.6pc in June following a 0.2pc rise in May."
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