This could be true, I guess

In fact, just as recent market data is showing that private savers are pouring money into government-guaranteed cash ISAs, so too is the City desperate to put more money into government bonds, which they, too, know represent the only safe place from them to save in the world when financial markets are going mad, valuations are extreme, and any sense of certainty has long since disappeared.

So, well, yes. People are lining up to lend to the govt therefore gilts yields/coupons are tumbling. Well if they were, they would be.

And despite all that, there is, according to the Bank of England, capacity for at least £70 billion more in bond sales (via quantitative tightening) to be made into the financial markets than the government needs to supposedly fund its own expenditure over the next year.

Well, yes, absent QT there would be more room for more borrowing, that’s true. Might be side effects – more inflation say – but OK.

But if there’s this near unlimited desire to save with government then why is QT a limitation? In fact, why does the BoE, not those desperate to lend safely, own £600 billion and change of gilts?