Quantitative easing 'an experiment'

Press Association

The Treasury's top civil servant has admitted that pumping emergency cash into the economy was an "experiment" and it would be years before anyone knew if it had paid off.

Permanent secretary Sir Nicholas Macpherson told MPs there was "uncertainty" in Whitehall over whether increasing quantitative easing - a form of money printing - by £50 billion next month to £425 billion was the right move.