https://new-wayland.com/blog/whole-of-government-accounts-juicy-quotes/ Created Fri, 28/10/2022 - 18:24 Updated Fri, 28/10/2022 - 18:24 Once intra-government transactions are eliminated, QE represents an exchange of gilts (liabilities of the National Loans Fund) for central bank reserves (liabilities of the Bank of England)