Telegraph: Banks Buy Bulk Of £39.8bn Of New Gilts

The Telegraph reports:

Banks bought 91pc of the £39.8bn of net issuance of new gilts with purchases totalling £36.1bn, compared to the £11.4bn of UK debt bought in the preceding six months. The scale of the buying of UK Government debt was revealed in figures published on Wednesday by the Bank of England, which show the increased dependency of the gilt market purchases by the country’s major banks.

Shocking. Sounds a lot like monetization of the debt! (Hat tip to Sean Corrigan)

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