What could policymakers do in response to higher gilt yields?

Our base case is that a stabilisation and eventual fall back in gilt yields will allow the government to muddle through and wait until the next fiscal event on 26th March before making any decisions on taxes and spending. However, a significant worsening of the bond market sell-off could force the government to announce contingent tax hikes and/or lower spending and the Bank of England to buy gilts to restore orderly market conditions.