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Pound bounces back after early falls as Jeremy Hunt delivers autumn budget statement but speech fails to rally the stock market
- Jeremy Hunt is delivering is autumn budget statement to the House of Commons
- The Chancellor is expected to announce tax rises and spending cuts today
- The pound dropped to $1.1808 shortly after he started before recovering
The value of the pound fell sharply before recovering slightly as Jeremy Hunt delivers his Autumn Budget statement which sets out plans for tax rises and spending cuts as the government looks to reduce the national debt.
The pound was half a cent against the dollar down to $1.1808 as the Chancellor made his statement.
Britain’s currency has recovered most of its value after crashing following the disastrous mini-budget unveiled by Kwasi Kwarteng and Liz Truss in September.
However, the pound took a dive during Mr Hunt’s statement in the House of Commons as fears grow the UK could be entering a long recession.
The Chancellor is seeking to reassure the markets following Ms Truss’s tumultuous premiership by returning to a policy of fiscal conservativism.
However, the pound dropped against the dollar shortly after Mr Hunt began speaking in Parliament to $1.1808 before recovering.
It has not yet returned to its value when trading opened today at $1.1883.
More to follow.
Chancellor Jeremy Hunt is delivering his financial statement in the House of Commons
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