From the FT, Quantitative Easing Explained provides an approachable description of the process.
However, Dr Anthony Evans writes:
Despite the confusing terminology, quantitative easing is nothing new. It is simply an exotic label for a discredited policy.
The amount of currency in circulation was growing at 12% in January 2009, has consistently been expanding at a faster rate than GDP, and the Bank of England is responsible for this monetary expansion. What’s more, the consensus view of economic commentators is that a root cause of the financial crisis was artificially low interest rates and the resulting mis-allocations of capital. In short, the Bank’s solution is a larger dose of what caused the original disease.
Read his article for more.