The Bank of England now owns one third of all UK government bonds in existence.

David Miles, who sits on the Bank's Monetary Policy Committee which controls the flow of money in the economy, is one of the strongest proponents of quantitative easing (QE).

On more than one occasion he has been the only member voting for more QE against the majority.

"We are not running out of gilts to buy," he said, meaning that the government will not stop borrowing and explained that he is favour of going ahead with even more QE if necessary.

Speaking to Today business presenter Simon Jack, he said that he was "guardedly optimistic" about the future because the period of falling real-incomes that we have seen is "largely behind us now".

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