It warned there could be a 'material risk to UK financial stability'.
The Bank said its bond purchases would be "time limited" and carried out on "whatever scale is necessary" to ease investor concerns.Paul Dales, chief UK economist at Capital Economics, said the Bank had been forced to step in to avoid the early stages of a financial crisis and warned fears over the economic outlook were growing.
She said pressure was growing on the government to make clear the financial cost of its tax cut and spending plans.There has been widespread criticism of the government's plan, with International Monetary Fund warning on Tuesday that the measures are likely to fuel the cost-of-living crisis and increase inequality.
It said Chancellor Kwasi Kwarteng was "committed" to the Bank's independence, adding: "The government will continue to work closely with the Bank in support of its financial stability and inflation objectives."Shadow chancellor Rachel Reeves said people would be "deeply worried" about the cost of their mortgage, about their pensions, and the cost of living.
It underlines that this is a crisis, and the Bank has responded in emergency mode. The clear cause of this crisis was the chancellor's mini budget, leading to a loss of market confidence and spiralling borrowing rates on government debt, which it says could become a "material risk to financial stability".
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