Worth remembering that the key tip with QE is ensuring you have a straightforward explanation. QE has been used by the Bank of England to increase the money supply by pumping £375 billion into banks and other financial institutions. This increase in the money supply will eventually, it is hoped, result in credit easing thus ensuring households and firms will be able to borrow cheaply. With a resulting increase in Consumption and Investment the UK should be experiencing demand pull inflation and thus avoiding deflation which is associated with recession and rising unemployment.
The side effects associated with QE in the short term:
Rising inequality and increased money supply washes into rising demand for assets - house price boom, vintage car prices soaring and rising commodity prices makining those owning these assets better off.
The pound depreciating given the rise in the supply of sterling.
Whilst remembering to keep it simple - the following links provide some useful background knowledge:
http://www.bbc.co.uk/news/business-15198789
http://www.bankofengland.co.uk/monetarypolicy/pages/qe/default.aspx
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