 So the Quantitative Easing has enabled governments, this government, to run a big budget deficit without killing the economy because the Bank of England has financed it.Central banks in most developed nations (e.g., the United Kingdom, the United States, Japan, and the Eurozone) are prohibited from buying government debt directly from the government and must instead buy it from the secondary market.This two-step process, where the government sells bonds to private entities that in turn sell them to the central bank, has been called "monetizing the debt" by many analysts.