On the one hand:
QE could support growth (the Bank of England's Quarterly Report suggests that it does)
But on the other:
QE could cause the “wrong kind of inflation” as it pushes up CPI and RPI (through exchange rate effects) without necessarily increasing domestic prices charged and wages paid.
This means government expenditure has to go up (as benefits and other payouts are uprated with CPI/RPI inflation) but tax receipts linked to profit and income might not rise to compensate for this.
I wouldn't be surprised if the Chancellor starts looking for a one-handed economist…