1414 GMT - The Bank of England's gilt sales program, also referred to as quantitative tightening, could keep gilt yields elevated over the long term, Capital Economics Paul Dales says in a note. Quantitative tightening is the process through which the BOE reduces its gilts holdings purchased during previous periods of quantitative easing. "Although QT is making the public finances less sensitive to future rises in interest rates and bond yields, this is coming at the cost of structurally higher term premia and gilt yields," he says. Capital Economics expects the BOE to slow the pace of QT to around 50 billion pounds ($67.7 billion) during the year from October, from 70 billion pounds currently.