The current issue is that the monetaryaggregate (M4) measure of lending to the private sector is at its lowest level in a decade, while inflation is more than double the BOE's target.
But creating inflation is easier said than done: it requires boosting aggregate demand enough to consume existing economic slack, through either monetary or fiscal policy.
Some people have argued that the high commodity prices resulting from monetary stimulus are a sort of supply shock, which might negate the impact of quantitative easing on aggregate demand.