Why quantitative easing is effectively counterfeiting
The job of the Bank of England as a currency issuer is to supply notes, coins and digitial reserves to commercial banks who then provide money to the wider public. Commercial banks hand over high quality collateral as security, such as mortgage-backed securities or government bonds, in exchange for the money. Notes and coins are purchased from reserves.
After the global financial crisis (GFC) however, the Bank of England created a fake company with no assets, called the Bank of England Asset Purchase Facility Fund Limited, to lend newly created money to—money there was no genuine borrower for—to purchase government bonds from the secondary market. The purpose was to get money that should not exist—counterfeit money— into circulation.
To get an idea why this is problematic, also after the GFC, the FCA investigated Barclays Bank for providing $3 billion in loans to Qatari entities who shortly after participated in purchasing Barclays shares.
Money should be honest
In an unbacked fiat system, money can only be honest when it originates organically from people and businesses (including commercial banks) wanting to borrow and save. If it isn't being created honestly, then it is effectively being counterfeited. It is no different to you or I printing our own notes to spend.
Counterfeiting is theft.
Counterfeiting, like inflation, is theft, and there is always a victim. In the case of the Bank of England's counterfeiting, the victim is the average UK earner and saver. A company that has been set up with the sole purpose of stealing the public's money by debasing it is dishonest and should never be accepted by the people.
Spotting counterfeiting
In the days of digital ledger money it may be hard to spot counterfeiting, but quantitative easing amounts to modern-day counterfeiting. The Bank of England is allowed to do it because it not only benefits the UK government, it also benefits those close to the government, especially big corporations, market speculators and wealthy land and property owners. The wealthy borrow money and accumulate assets. It is the poor that work for money and save it if they can, and it is the poor that are affected the most.