| Date | Cumulative gilt holdings (£ billion) |
|---|---|
| March 2009 | £0bn |
| March 2012 | £325bn |
| March 2016 | £375bn |
| March 2021 | £875bn |
| Indicator | 2006–2008 | 2009–2012 | 2013–2016 | 2017–2021 |
|---|---|---|---|---|
| Real GDP annual growth rate (%) | 2.2 | -0.4 | 2.3 | 1.1 |
| CPI annual inflation rate (%) | 2.7 | 3.2 | 1.1 | 1.9 |
| Unemployment rate (%) | 5.4 | 7.9 | 6.2 | 4.3 |
| Yield on 10-year UK Government Bonds (%) | 4.6 | 3.1 | 1.9 | 1.1 |
Explain how the data in Figure 2 show that the expansion of the Bank of England's quantitative easing programme (shown in Figure 1) may have been successful in helping the UK economy achieve its macroeconomic objectives after 2009.
