To a degree he is correct. The effect of QE was several:

1. Inflated prices of bonds, stocks, real estate (commercial and residential, Private Equity and Venture Capital. This gave the illusion of wealth. Unless sold, it was market rise not a real profit

2. Bonds cheapened the credit markets. Made credit cheap so all the above sectors borrowed to the hilt

3. Consumers were duped into think these were normal interest rates at 0.5%-2%. They were temporary, manipulated and was not sustainable. The average UK interest rate in history is 5%.

But now asset prices must reduce (killing confidence) and debt loads at government and commercial levels are huge. Debts will mature / rollover at prices 5-10 times higher. This is the lag effect most are missing. What we are seeing for residential mortgages in terms of pain will be chicken feed compared to business.

The US are ahead of us in the interest rate cycle so the lag effects are just coming through. Google what is happening to
commerciap real estate in San Francisco and New York. San Francisco is a proper mess. It is just kicking off in London. London starts, the rest of UK cities will follow.