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UK market crisis: Bank of England starts buying UK bonds | Fin24

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The Bank of England stepped in Wednesday to buy UK government bonds to shore up market confidence after Britain's heavily-criticised budget aimed at fighting inflation. | News24_Business

"The purpose of these purchases will be to restore orderly market conditions," a BoE statement said regarding its temporary buying of long-dated bonds.

The bank added that there was a"material risk to UK financial stability" should current market conditions continue. As well as soaring UK government bond yields, the British pound on Monday hit a record low at $1.0350, perilously close to parity.

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