UK gilt prices rocket as BoE says will step into market

Long-dated British government prices soared on Wednesday after the Bank of England announced it will intervene in the 2.1 trillion-pound gilt market that was starting to seize up.

The yield on the 30-year benchmark gilt slid around 30 basis points on the news from above 5% to 4.77%.

The BoE said it would buy long-dated gilts "on whatever scale is necessary" to restore order to the market.

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