Normally a government ‘printing’ that much money would increase inflation, maybe very substantially. If you’ve got savings they are worth less, if you have a low income you can’t afford much. Most of us would feel poorer even if the government don’t put up taxes. Conversely debts get smaller (if you can afford the interest).

I’ve no idea if that is what will happen this time as Quantitative Easing doesn’t seem to have had that effect and I’m not clever enough to understand why. Raffe or one of the other experts may know.