Sterling gained 1% at the open today (17 October), following the news that the new Chancellor of the Exchequer would be bringing forward fiscal measures in a bid to support markets.
Hunt, who was appointed chancellor on Friday (14 October) following the sacking of Kwasi Kwarteng, has taken immediate action to calm volatile markets. Sterling has been weak since the previous chancellor announced the government's Mini Budget. The wave of tax cuts and emergency spending triggered a sizeable market response, causing sterling to reach a record low against the dollar on 26 September. Chancellor to issue statement today in bid to calm markets Following his announcement today (17 October), sterling rallied to $1.13 this morning. Markets have responded positively t...
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