Indeed, the QE program has not been as effective as it seems looking at its size. In fact, £125bn or 9% of annual GDP spent in just five months neither has increased significantly money supply nor improved bank credit availability. For example, while banks' reserves of cash have more than tripled since the bank launched the program in March, the M4 money supply, broad measure of lending in the economy has hardly moved. In the second quarter, the gauge was up just 3.1% from a year earlier, the weakest expansion since 1999. Moreover, net mortgage lending fell in July and bank lending to non-financial companies plunged 1.7% mom and 2.9% yoy in July. In addition, while credit spreads and equities have improved significantly in U.K. since QE implementation, they got better also in other countries using measures like credit easing (U.S.) or actions to improve bank liquidity (EU).