Pound moves higher after mini-budget U-turns
The pound has moved higher after the government announced a series of U-turns, abandoning tax-cutting policies announced in last month’s mini-budget.
Sterling gained around 0.9% to trade above $1.12 in Monday trading.
The new chancellor, Jeremy Hunt is set to fast-track many billions of pounds worth of tax and spending measures.
On Friday, Kwasi Kwarteng was sacked as chancellor and replaced by Hunt – following massive turmoil on the financial markets over Kwarteng and PM Liz Truss’s disastrous mini-budget.
The mini-budget caused the pound to sink to a record low and UK government bond prices also fell sharply.
The government bond market is set to reopen at 08:00 BST (07:00 GMT) – and will be the first time it has opened since the Bank of England ended its emergency support on Friday.