25
November
Bank of England staff pension fund shuns Gilts
25 November 2009 The Telegraph
The period roughly coincides with the Bank's emergency interest rate cuts and recourse to quantitative easing.
The fund's latest report shows that 88.2pc of its £2.1bn holdings were in index-linked Gilts or securities with a state guarantee as of February 28 this year. The share of fixed Gilts was cut back from 22.3pc to 10.9pc over the preceding 12 months.
There is no suggestion that the Bank's staff has lost faith in the ability of the Monetary Policy Committee to control inflation. The fund is managed by a team at Legal & General, which is focused on matching liabilities.
