Pound rises and UK borrowing costs drop as Hunt brings forward debt plan

Yield on 30-year UK government bonds plummets as chancellor prepares to reverse more of Kwarteng mini-budget

UK government borrowing costs fell sharply and the pound rallied after Jeremy Hunt announced he would bring forward some of his debt-cutting plans in an attempt to smooth over turmoil in financial markets.

In a surprise statement early on Monday, the chancellor said he would make a statement to the Commons to announce some of the measures from the government’s medium-term fiscal plan two weeks ahead of time.

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​Yield on 30-year UK government bonds plummets as chancellor prepares to reverse more of Kwarteng mini-budgetUK government borrowing costs fell sharply and the pound rallied after Jeremy Hunt announced he would bring forward some of his debt-cutting plans in an attempt to smooth over turmoil in financial markets.In a surprise statement early on Monday, the chancellor said he would make a statement to the Commons to announce some of the measures from the government’s medium-term fiscal plan two weeks ahead of time. Continue reading…