Yes the BoE used QE at those times. It did create money as you say. It stabilised things but also increased the price of shares in general and made rich people a lot richer. Inflation made ordinary people poorer. AFAIK It’s not a sustainable solution to just keep doing that.

Generally the BoE cannot just "print more money" as this would cause an inflation problem. Instead the govt borrows extra money by issuing gilts. It's a complex system and I'm not an expert either, but this idea that we can just spend whatever we want with no consequences is nonsense unfortunately.

Sovereign default isn't really what we want. Worth reading this to understand the risks: en.wikipedia.org/wiki/Soverei....

National debt in 2007 was £0.8 trillion. Today it is £2.8 trillion. Risen from 37% to 100% GDP. If debt was “not real” there would be no limit on govt spending at all. We could all live in palaces.

Government owes the debt to investors who buy its bonds. The govt has to repay the bond plus interest after a fixed period. If govt refuses to pay no one will lend it money again. Printing more money leads to inflation. Tax is the way to raise more money for spending.

If you borrow to spend you have to pay more interest. You cannot just keep borrowing more forever. At some point things will get very bad. The real question is, why have the super rich got so much richer while the national debt has tripled since 2008. The answer to use taxation to reclaim it.