He has admitted asset bubbles are a negative side effect, or a cost as he puts it, of low rates, and has acknowledged savers are getting the short end of the stick.

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But it is a striking reflection of our times that the MPC is continuing with more QE, three weeks after the Bank's governor and deputy governor admitted, in separate speeches, that asset purchases, on their own, were not enough.

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Then, last autumn, the bank admitted it had given some of its best asset-management clients guaranteed investment returns without covering its own risk.

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Such remarks would seem to be a precursor to another round of large-scale asset purchases, but Bernanke also admitted the costs and benefits of such activities must be considered.

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