People are worrying that QE will leave the UK exposed to considerable interest costs because something like \u00a3800bn is now owed as a result of QE to the UK's commercial banks and building societies. But the interest cost of that is, right now, about \u00a3800 million a year which vastly less than the \u00a324 billion that the government might have budgeted to service debt of that amount, and even if interest rates rise to the level forecast by the Office for Budget Responsibility over the next five years the savings will still be \u00a320 billion a year. Whatever else QE does, it certainly saves the UK a great deal of money, which can be better used.<\/p>\n