The Bank of England announced on Wednesday said it would buy U.K. government bonds with long maturities “on whatever scale is necessary.” The BOE said that since the announcement of historic tax cuts, U.K. asset prices have suffered a decline that could weaken the country’s financial system if left unchecked. Following the announcement, the U.K.’s 10-year government bond yields dropped to 4%, as the value of the pound dropped to $1.06.