By David Luhnow

LONDON--The Bank of England said Wednesday that it will buy U.K. government bonds with long maturities "on whatever scale is necessary" in an effort to restore order to the market for gilts.

The gilts market has seen prices plummet and yields soar since the government announced a surprisingly large set of tax cuts Friday.

Write to David Luhnow at david.luhnow@wsj.com

(END) Dow Jones Newswires

September 28, 2022 06:33 ET (10:33 GMT)