A report by the economic consultancy, CEBR, found that all households have lost out with pensioners the worst affected following Threadneedle Street's decision to pump funds into the City in an effort to support bank lending and persuade consumers to buy more goods.
The Bank has used £325bn of funds since 2008 to buy UK government bonds, mainly from banks, and is part way through spending another £50bn.
Several economists have predicted QE could reach £500bn by the end of next year to boost the recovery.
But with Britain back in recession and bank lending and consumer spending down over recent months, there should be a reassessment of QE's impact before more money is spent, said Saga, the over-50s campaigning group that commissioned the report.
Ros Altmann, a pensions expert and the director general of Saga, said the Bank's policy had several unintended consequences that were undermining the recovery.
MPs on the Treasury select committee questioned how much QE is supporting economic growth and demanded the bank conducted an internal review.
The review, published last month, argued that most people were better off after a boost to stock market and property values that could be directly attributed to QE. It said preventing a steep fall in asset prices had increased the value of households' financial wealth, although it admitted that holdings were heavily skewed, with the top 5% of households holding 40% of these assets.
Altmann said a breakdown by age group showed that in the first years after the credit crunch younger families with mortgages and other debts benefited from lower interest rates at the expense of older people who rely on savings income. But recently, banks have increased the cost of mortgage loans while inflation has eaten away at the living standards of all age groups.
She said: "CEBR estimates that real incomes for the over-50s would have been 1.5% higher without QE. This group comprises 21 million people and represents more than half of UK households and nearly half of total domestic consumption."
Around 1.2 million people will be reaching state retirement age over the next two years and many will be forced to buy a private income using their pension retirement pot. Retirement incomes, known as annuities, have fallen sharply since 2008 when QE was introduced.
Douglas McWilliams, chief executive of CEBR, said: "Those pensioners hit hardest are those who have had to take out an annuity in the past four years, who will be retiring on much lower incomes than they might have expected, after working hard to pay for their retirement. Also pensioners who rely on interest income will have had their income reduced in the same way.
"The effects of these factors are not confined to those pensioners directly affected because the impact of their spending spreads out through the economy through those who supply them with goods and services."
Altmann said Saga was calling for an alternative policy, not an end to monetary policy. She said the billions of pounds created by the Bank would be better spent on temporary tax breaks for capital spending to encourage house building.
She said desirable new homes for older people would encourage them to move and free up family homes for younger people.
Plans to switch pension fund cash into funding vital infrastructure projects should also be encouraged to increase investment and jobs.
The Bank, which now owns around one third of the government's traded debt, could embark on another round of QE in November. The nine-strong monetary policy committee has discussed purchasing a broader range of assets, including mortgage loans, after similar moves by the Federal Reserve, but has so far limited its purchases to government bonds.
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