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The pound jumped more than two percent against the dollar
Truss and Kwarteng had announced tax cuts, funded by debt -- causing the pound to hit a record low

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Pound rises as UK rips up budget

Name: Pound rises as UK rips up budget
Uploaded: 2022-10-18T08:44:10.000+05:30
Duration: T00M44S
Channel: AFP
Description: The pound rallied and yields on UK government bonds, or gilts, slid fiscal policy U-turns

The pound rallied and yields on UK government bonds, or gilts, slid fiscal policy U-turns

Updated: Sep 02, 2022 10:53

AFP

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The pound jumped more than two percent against the dollar as Britain's fourth finance minister in as many months sensationally ripped up a tax-cutting budget that had spooked markets.

Jeremy Hunt, who was appointed finance minister by Prime Minister Liz Truss on Friday, reversed large swathes of the 45-billion pound “mini-budget” that sparked unprecedented market turmoil in which the pound hit record lows and the Bank of England was forced to intervene.

Prime Minister Liz Truss is battling to stay in power after dramatically sacking Hunt's predecessor Kwasi Kwarteng.

Truss and Kwarteng had announced tax cuts, funded by debt -- causing the pound to hit a record low against the dollar and UK government bond yields to soar.