The pair focused their research on the impact of the Bank’s first wave of asset purchases in 2009, when it hoovered up £200bn of gilts. Previous Bank analysis suggested that “QE1” had boosted growth by 2pc and raised inflation by 1.5pc. Mr Weale and Mr Wieladek found the first phase of QE raised real GDP by 2.5pc. They also calculated the impact of inflation was much more significant.