Spud has told us for more than a decade that QE has no cost:
Forgive me if what follows is a little technical. It relates to an issue of massively important concern, which is the amount of interest that will be paid by the UK government to our commercial banks because they were the recipients of the money created by the Bank of England to fund the quantitative easing programmes and some other loan programmes e.g. that for SMEs advanced during the Covid crisis.
The bottom line of this blog is that give or take a bit (and all economic forecasting is open to uncertainty) it is likely that those commercial banks will benefit by £136 billion over the next five years as a result of the projected Bank of England base rates included in the latest Office for Budget Responsibility forecast for the UK economy.
Oh dear, it looks like it does have a cost. How sad.