It had not been done to that extent by either the Fed or the Bank of England! In retrospect, we have been bold and equally lucid. There is no doubt that the Governing Council used appropriate judgement in granting high weight to the decrease of inflationary pressures stemming from the downside risks to economic activity.
However, even if we make the extreme assumption that in the comparison countries the level of expenditure per student did not change at all in these years, expenditure per student would have reached 82 percent of the OECD average in 2016.