I’m afraid that’s an entirely inaccurate description of how quantitative easing and government financing works in the UK.
QE does not directly fund the UK government - it does not equate to monetary financing - and the Bank of England’s actual ability to directly fund the UK government during emergency periods is done via the Ways and Means facility. The W&M is entirely distinct from QE, and is effectively an overdraft facility which is only used for a short finite period and in exceptional circumstances, when it is believed that the government’s funding requirements - which are managed by the DMO - would risk unsettling bond markets.
As for QE, this doesn’t equate to direct government financing due to the fact that (i) when the BoE purchases bonds as part of QE operations, it only buys from the secondary market, I.e. from the stock of outstanding gilts held by investors, rather than directly from the DMO/government, and (ii) the funds used to make QE purchases create another, separate liability for the government, such that QE changes the nature of government debt, rather than the immediate level.
QE purchases do boost the level of bank deposits across the economy, because investors who previously held gilts are now holding cash, but these are distinct from government financing, and an increased level of deposits does not necessarily boost bank lending, as typically proved the case in the UK.
