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Bank of England Policy Maker Defends Gilt Purchases

Tuesday, 11 Oct 2011 | 1:15 AM ET

"One of the knock on effects of the Bank of England buying gilts is that it increases the demand for corporate bonds which are substitutes for gilts and we can have quite a substantial effect on bringing down the cost of that corporate debt by buying gilts," David Miles, Monetary Policy Committee member at the Bank of England told CNBC.