Jeremy/others
The Bank on QE makes interesting reading, but basically it tries to make a case for QE, and as such should be read in context with what is happening in the economy.
As such had a look at citywire Saturday Papers The Independent -new figs from the ONS point to the biggest slump in business investment. Investment slump hits hopes of imminent recovery.
"Besides upward revision GDP data point to underlying weakness."
"British consumers are also continuing to cut back, with spending by households sinking for the second quarter."
Spending by UK households is 6.3% below pre-recession levels-the worst performance of the G7 economies. "
Investment is still 20.4% off its previous high, the worst of all G7 nations except Italy.
Also there is reference to the Daily Telegraph-Cutting Government spending in a crisis will condemn a country to an even deeper recession, and inflict "permanent" damage on the economy the IMF warns.
My conclusion on QE is that the first round probably helped, but from then on we are into diminishing returns.
The only people who have benefited are the rich, but they sit on cash piles without spending, whist the poorer end who have a higher propensity to spend are too frightened to spend, hence the lack of investment, hence the figures we are getting above.
My conclusion is that QE is getting less and less effective in turning around our economy, with the only people benefiting being the rich. Might help explain the further rounds of QE.
However this process is self-defeating as can be seen from the worst performance of the UK in the G7 league.
There is an urgent need for QEP particularly in investment, followed by stopping of some cuts, particularly at the poorer end.

Jeremy and others
Your last post, a very interesting article. Will comment on it soon.
Over the week-end I got involved in the citywire- Beyond QE: ways to kickstart the economy by Danielle Levy Aug 20, 2012 discussion.
It is very much in line with what we have been considering.
Well worth a read if you can find time, maybe even contribute.

Prof it took me so long to scroll back through old articles on Citywire that I was too knackered to think about the article you referenced. For my own future reference, here is the URL:

Danielle Levy Article

On the subject of House of Lords reform: why fix what is not broken? If you watch the BBC Parliament Channel or read Hansard, you will see that the quality of the debate and the serious effort made by the Peers is very much better than in the Commons. Besides, do you really want a bunch of bribe taking megalomaniac sociopaths such as are is found in the US Senate?

On companies slowing down their investment because of uncertainty in the UK political outlook, that applies to smaller UK centred companies. But the big companies in the FTSE 100 do more than two thirds of their business overseas. So, much as I would like to blame ALL our ills on Cameron & Co., the evil morons preaching - and indeed practising - austerity elsewhere in the world have to shoulder some of the blame.

Jeremy
on th subject of uncertainty, and matters relating, please have alook at
BBC News Magazine-A point of view: The trouble with freedom by john Gray 24 \august 2012.
Well worth a read

Book of the week: Carmen Reinhart and Ken Rogoff’s 2011 splendid sortie into financial history, This Time Is Different, is getting a lot of fresh exposure after the former aired her views about the likelihood of governments trying to inflate away their national debts, and impoverishing savers as a result.
This Time is Different: Eight Centuries of Financial Folly.