Within the Bank for International Settlements' (BIS) latest quarterly review, it has noted that the institution may have over-estimated how this Â£200 billion ($313 billion) programme impacted the figures.
The BoE - which last week opted to maintain interest rates at their historic low of 0.5 per cent - believes this process helped cut the figures by 100 basis points, but the BIS believes the actual impact has been around 74 basis points.
âOur analysis suggests that the purchases have had a significant impact on financial markets and particularly gilt yields," it noted.
Earlier in the year, the BoE began a fresh round of bond purchases, but the BIS indicated these could have a limited influence because bond yields are already "very low".
By Gary Cooper