The Bank of England’s ambitious programme to boost demand by its £175bn programme of asset purchases appears to be gaining little traction, judged by the measure the Bank itself sets as a benchmark.

According to the Bank on Tuesday, M4 money – the broadest measure of the money supply – rose by an insipid 0.2 per cent in August after a downwardly revised 0.4 per cent rise in July. M4 in the second quarter grew at an annualised pace of 3.7 per cent.