Sterling falls following Autumn Statement

Sterling fell against the dollar as Chancellor George Osborne announced the UK's fiscal austerity programme would be carried through to 2018.

Sterling fell 0.13%, hitting a daily low of $1.6082, as Osborne unveiled his Autumn Statement. Before Osborne's speech, the pound was flat against the dollar, at $1.6107, though not far from a one-month peak of $1.6131 hit on Tuesday. UK 10-year gilts held steady at 1.816%, while the FTSE 100 crept towards 5,900 as  the Chancellor gave his Statement to the house.