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The Bank of England said it will buy long-dated British government bonds to “whatever scale is necessary” in order to restore orderly market conditions.
Local dollar-priced exports are expected to gain from a weakened UK currency.
New British Prime Minister Liz Truss prepares to lead the nation as she is facing a confluence of political and economic challenges.
The UK pound has reached a record 37-year low against the dollar, raising speculations as to whether the British economy is already in recession.
Sterling, down about 15% this year and wallowing around 2-1/2 year lows against the dollar, was expected to hover near Tuesday's $1.16 level in one and three months time.