Looking at the chart of monthly changes of Gilt holdings in the Bank of England quarterly report (page 13 of 58), and homing in on the right-most column, it is clear that nobody but the Bank of England is buying the Treasury's Gilts any more, and in fact everyone else is a net seller all of a sudden.
This is *exactly* what Messers Mugabe and Gono did in Zimbabwe -- buy their own new debt, with freshly issued local currency.
If this does not stop, we will see the same results, clearly.
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