My comment has opened up a lot of 'confidently incorrect' and misinformed replies. Thankyou to hgomersail for providing the definitive answer, from the BoE no

My comment has opened up a lot of 'confidently incorrect' and misinformed replies. Thankyou to hgomersail for providing the definitive answer, from the BoE no less! https://www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/2014/money-creation-in-the-modern-economy.pdf https://www.bankofengland.co.uk/-/media/boe/files/quarterly-...