This is the wrong way to think about QE. QE artificially funds inflation which is why we aren't and shouldn't ever use QE to pay for things. At the moment we are using low interest borrowed money to pay for things which is far more sustainable. The furlough scheme and all government spending just for example is paid for via borrowed money, not by QE.
QE is required to keep the money supply going where new money is issued to banks (by buying securities from the banks) and the banks then lend to businesses and you and me which makes the bank money. Those banks will then use their profits to lend more and the merry-go-round goes on. It also hopefully means you can get a mortgage, or a loan for a car etc.
If you use QE to pay for things though then the value of our money goes down because we aren't getting richer from profit or selling things, we just have more money. With that inflation goes up because the drop in value means it costs more to pay people for imports, services, products etc.
In any event mentioning the Tories on monetary policy is pointless because monetary policy is run by the Bank of England which is completely separate from politics.
