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QE is meant to boost the real economy by creating government jobs and infrastructure for the people of U.K. It isn’t only meant to help large banks when they are in financial distress. Other countries carry out QE frequently and that money finds its way into the hands of the wealthy elite in those nations who then use that money to make purchases and investments in U.K. Such investments are supposed to be valueless or devalued. The U.K. government gladly allows QE money from certain nations that are considered special to make its way into U.K. economy without suffering devaluation against Sterling. Bank of England does not devalue the currency of these nations anytime they engage in QE.
The new Labour party leader has a credible plan. He intends to use QE at a time when it is really needed to empower UK people and protect UK public assets and create new UK public assets. There currently is no other way to do this. Taxing the rich at higher than normal rates is unfriendly and counterproductive. New UK public assets such as government businesses(rail, utility, construction, agriculture, manufacturing etc) are badly needed. UK public do not want there economy which is currently in crisis to keep shrinking. UK public want government to compete with the private sector in job creation.