Fears that many of Britain’s biggest pension funds were close to collapse were behind the Bank of England’s unprecedented intervention in the gilts market today to buy-up to £60 billion of government debt.

In a highly unusual move, the Bank announced mid-morning that it would be buying long-term gilts every day for the next two weeks because of the “significant repricing of UK and global financial assets” which has occurred since Kwasi Kwarteng’s mini-maxi Budget last Friday.

What’s more, the Bank warned that this repricing had become more significant in the past 24 hours and could have led to significant problems not only in the long-term gilts market but for financial stability.