QE hit £745bn in summer, with more to come. Out of a total debt pile that has just jumped to £2tn in short order. Im not suggesting the debt is written off, but QE is made firm, and locked in for long term. Cost of the debt is essentially zero as interest is paid back to the exchequer.
If hyperinflation was a risk then it would have happened already, as the money is already ‘printed’ and those forces have already been released. Fortunately the deflationary pressures over the last decade have countered that and created this opportunity.