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Until fairly recently before QE the 4% consol was well under par around 70 and so would have been costly to redeem.

I looked at buying some of the consols for my ISA last month - its one of the few ways of getting a safe investment that pays more than inflation.

The 4% Consol is the one being redeemed. Not entirely clear why - they could buy it back cheaper in the market than paying par.

I know I was vaguely looked at the 4% consuls as investment before the crash they where selling for around 60/70 in 2008

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