[bko]

The banks and pension funds hold the assets. BoE will now buy these assets, driving up the price and helping the banks out (recapitalizing them).

This is the opposite of what you would do if you want to reduce inflation. You're inserting more money into the system and removing IOUs (debt). Originally BoE was concerned about inflation but now they're moving against what they deem a bigger threat, big banks and pension funds are in financial trouble