") no-repeat center center;background-size:10px 16px;content:' '}@media(min-width:768px){.UeJNJ::before{display:none}}.cPCVUJ{min-height:389px;margin-bottom:16px;clear:both}@media(min-width:1000px){.cPCVUJ{min-height:380px}}.gSkBXd{aspect-ratio:16/9}.rAFIl{width:100%;box-sizing:border-box}@media(min-width:768px){.rAFIl{max-width:634px}}@media(min-width:1250px){.rAFIl{max-width:622px}}.dLkuvY{display:flex;width:auto;box-sizing:border-box;align-items:center;justify-content:flex-start;gap:4px;color:#ec1a2e;color:light-dark(#ec1a2e,#ec1a2e)}.jrwZqm{display:block;font:bold 14px/20px 'Indy Sans','Indy Sans Fallback',sans-serif;text-decoration-line:underline;margin-block:0;text-align:center}.dHXFkr{display:inline-flex;align-items:center;justify-content:center;gap:4px}.dHXFkr:hover .sc-aja53j-2,.dHXFkr:hover .sc-a5wy94-0{color:#ac2a2c;color:light-dark(#ac2a2c,#f58992)}.lcJUSj{font:normal 16px/20px 'Indy Sans','Indy Sans Fallback',sans-serif}.hJPJVF{display:flex;position:relative;overflow:hidden;width:auto;height:40px;flex-direction:column;order:-1;gap:8px;opacity:1;transition:all .5s ease-in-out;transition-behavior:allow-discrete}.hJPJVF::after{--fade-from:rgba(255,255,255,0);--fade-mid:rgba(255,255,255,0.5);--fade-to:#fff;position:absolute;bottom:0;left:0;z-index:1;width:100%;height:40px;background-image:linear-gradient(to bottom,var(--fade-from) 0,var(--fade-mid) 50%,var(--fade-to) 100%);content:'';opacity:1;pointer-events:none;transition:opacity 150ms ease-out}@supports(color:light-dark(red,red)){.hJPJVF::after{--fade-from:light-dark(rgba(255,255,255,0),rgba(0,0,0,0))}}@supports(color:light-dark(red,red)){.hJPJVF::after{--fade-mid:light-dark(rgba(255,255,255,0.5),rgba(0,0,0,0.5))}}@supports(color:light-dark(red,red)){.hJPJVF::after{--fade-to:light-dark(#fff,#000)}}@media(min-width:768px){.PdmgT{order:-1}}@media(min-width:768px){.eMEmGu{display:flex;position:relative;align-items:flex-start;margin-top:12px}}@media(min-width:1000px){.lfyduH .taboola{display:none}}.lfyduH:has(#taboola-carousel-thumbnails){min-height:426px}.lfyduH:has(#taboola-mid-article-thumbnails-crime){min-height:405px}@media(min-width:1000px){.lfyduH:has(#taboola-carousel-thumbnails),.lfyduH:has(#taboola-mid-article-thumbnails-crime){min-height:0}}.iUtUOL .tp-container-inner,.iUtUOL .sc-1suqprf-0{position:relative;box-shadow:0 -22px 16px 22px rgba(255,255,255,0.95);box-shadow:0 -22px 16px 22px light-dark(rgba(255,255,255,0.95),rgba(0,0,0,0.95))}.iUtUOL.closed{display:none}.cAWJSb{width:32px}.cAWJSb,.cAWJSb:focus{color:#627aac;color:light-dark(#627aac,#627aac)}.cAWJSb:hover,.cAWJSb:active,.cAWJSb:focus-visible{color:#9cabcb;color:light-dark(#9cabcb,#9cabcb)}@media(min-width:768px){.cAWJSb.mobile-only{display:none}}.kvSIBL{width:32px}.kvSIBL,.kvSIBL:focus{color:#4e4e4e;color:light-dark(#4e4e4e,#4e4e4e)}.kvSIBL:hover,.kvSIBL:active,.kvSIBL:focus-visible{color:#919191;color:light-dark(#919191,#919191)}@media(min-width:768px){.kvSIBL.mobile-only{display:none}}.fAfNYP{width:32px}.fAfNYP,.fAfNYP:focus{color:#25d366;color:light-dark(#25d366,#25d366)}.fAfNYP:hover,.fAfNYP:active,.fAfNYP:focus-visible{color:#66e093;color:light-dark(#66e093,#66e093)}@media(min-width:768px){.fAfNYP.mobile-only{display:none}}.jOXOdf{width:32px}.jOXOdf,.jOXOdf:focus{color:#ec1a2e;color:light-dark(#ec1a2e,#ec1a2e)}.jOXOdf:hover,.jOXOdf:active,.jOXOdf:focus-visible{color:#f58992;color:light-dark(#f58992,#f58992)}@media(min-width:768px){.jOXOdf.mobile-only{display:none}}.dzqQwN{display:flex;gap:12px}.dFzDMM .sc-17yxc4y-0{display:none}.dFzDMM:hover .sc-17yxc4y-0,.dFzDMM.bookmark-button-saved .sc-17yxc4y-0{display:block}.dFzDMM:hover .sc-17yxc4y-1,.dFzDMM.bookmark-button-saved .sc-17yxc4y-1{display:none}.dFzDMM.bookmark-button-saved .sc-17yxc4y-0{display:block}.dFzDMM.bookmark-button-saved .sc-17yxc4y-1{display:none}.dFzDMM.bookmark-button-saved:hover .sc-17yxc4y-0{display:none}.dFzDMM.bookmark-button-saved:hover .sc-17yxc4y-1{display:block}.iJqvPe{display:inline-block;width:32px;height:32px;color:#70a5a7;color:light-dark(#70a5a7,#70a5a7)}.sQzGY{display:flex;flex-direction:row;justify-content:center;gap:12px}.cNueyK{display:flex;position:relative;justify-content:center}@media(min-width:768px){.cNueyK{justify-content:flex-end;padding-top:12px;margin:0}}.dUmHef{display:flex}.sticky .dUmHef{flex-direction:column}.igSthU{overflow:hidden;height:23px;margin-bottom:8px;border-bottom:0;clear:both}@media(min-width:768px){.igSthU{height:25px}}.fvIzys{display:inline-block;flex-shrink:0;margin:0 12px 0 0;font:bold 14px/normal 'Indy Sans','Indy Sans Fallback',sans-serif}.fvIzys::after{content:':'}.knjHva{display:inline-block;margin-right:12px;margin-bottom:4px;color:#222;color:light-dark(#222,#fff);font:normal 14px/1.29 'Indy Sans','Indy Sans Fallback',sans-serif;text-decoration:underline}.knjHva::first-letter {text-transform:capitalize}@media(min-width:1000px){.subscribed .gryCYY{margin-top:-184px}.article-feature:not(.article-feature-video) .subscribed .gryCYY{margin-top:-407px}}.gryCYY>p{margin:16px 0}.article-premium .gryCYY>p{line-height:27px}.gryCYY>h2{font-size:21px}.article-climate .gryCYY>h2{color:#ec1a2e;color:light-dark(#ec1a2e,#ec1a2e)}.article-sgi .gryCYY>h2{color:#ec1a2e;color:light-dark(#ec1a2e,#ec1a2e)}.gryCYY>p:first-child{margin-top:0}.gryCYY span:first-child~p:first-of-type{margin-top:0}.FtcnY{display:flex;position:relative;max-width:100%;min-height:600px;justify-content:center;margin:0 auto;background-color:transparent;clear:both}@media(min-width:1000px){.FtcnY{min-height:450px}}.teads .FtcnY{display:block}.FtcnY [data-mpu]{position:sticky;top:16px}@media(min-width:1000px){.cCcguK{display:none}}.cCcguK[data-mpu1]{min-height:600px}.cCcguK.pb-20{padding-bottom:20px}.dFpFuY{overflow:hidden;width:100%;box-sizing:border-box;margin-bottom:16px}@media(min-width:768px){.dFpFuY{max-width:634px}}@media(min-width:1250px){.dFpFuY{max-width:622px}}.dmMyEN{width:100%;box-sizing:border-box;padding:8px 12px 12px;border-top:8px solid #ec1a2e;border-top:8px solid light-dark(#ec1a2e,#ec1a2e);background-color:#fde8ea;background-color:light-dark(#fde8ea,#66000a)}@media(min-width:768px){.dmMyEN{padding-top:4px;padding-bottom:12px}}.fXvmgM{font:bold 22px/26px 'Indy Serif','Indy Serif Fallback',serif;margin:0 0 12px;text-align:center}@media(min-width:768px){.fXvmgM{font:bold 30px/34px 'Indy Serif','Indy Serif Fallback',serif;letter-spacing:-0.048px;margin-bottom:12px;text-align:left}}.ivTlwT{display:block;margin-bottom:12px}@media(min-width:768px){.ivTlwT{display:none}}.hfMbpT{display:flex;width:100%;box-sizing:border-box;align-items:center;justify-content:center;gap:4px;background-color:#fde8ea;background-color:light-dark(#fde8ea,#66000a);color:#ec1a2e;color:light-dark(#ec1a2e,#ec1a2e)}@media(min-width:768px){.hfMbpT{width:auto;justify-content:flex-start}}.dAuNha{display:block;font:bold 14px/20px 'Indy Sans','Indy Sans Fallback',sans-serif;text-decoration-line:underline;margin-block:0;text-align:center}.jiDyot{display:inline-flex;align-items:center;justify-content:center;gap:4px}.jiDyot:hover .sc-hez36s-5,.jiDyot:hover .sc-a5wy94-0{color:#ac2a2c;color:light-dark(#ac2a2c,#f58992)}.laZbyn{font:normal 16px/20px 'Indy Sans','Indy Sans Fallback',sans-serif}.juUDRT{display:flex;width:100%;flex-direction:column}@media(min-width:768px){.juUDRT{display:flow-root;gap:24px;transition:margin-bottom .3s ease-in-out}}.kRWakq{display:flex;width:100%;flex-direction:column;align-items:center;justify-content:center}@media(min-width:768px){.kRWakq{position:relative;z-index:1;width:212px;flex-shrink:0;justify-content:flex-start;margin-left:24px;float:right}}.eJjJXF{display:none;flex-direction:row;align-items:center;justify-content:center;gap:8px;margin-top:8px}@media(min-width:768px){.eJjJXF{display:flex;margin-top:12px}}.dLfZIO{display:flex;width:100%;align-items:center;justify-content:center;gap:8px;margin-top:8px;margin-bottom:12px}@media(min-width:768px){.dLfZIO{display:none}}@media(min-width:768px){.cqPbFA{order:-1}}.jZSKtc .sc-aja53j-5::after{--fade-from:rgba(253,232,234,0);--fade-mid:rgba(253,232,234,0.5);--fade-to:#fde8ea}@media(min-width:360px){.jZSKtc .sc-aja53j-5 .sc-aja53j-7{display:none}}@supports(color:light-dark(red,red)){.jZSKtc .sc-aja53j-5::after{--fade-from:light-dark(rgba(253,232,234,0),rgba(102,0,10,0))}}@supports(color:light-dark(red,red)){.jZSKtc .sc-aja53j-5::after{--fade-mid:light-dark(rgba(253,232,234,0.5),rgba(102,0,10,0.5))}}@supports(color:light-dark(red,red)){.jZSKtc .sc-aja53j-5::after{--fade-to:light-dark(#fde8ea,#66000a)}}.cKWiEj{margin:0 0 24px;font:normal 16px/20px 'Indy Sans','Indy Sans Fallback',sans-serif}.huxBsk{font:bold 16px/20px 'Indy Sans','Indy Sans Fallback',sans-serif}.jaiOuh{display:flex;min-height:600px;justify-content:center}@media(min-width:1000px){.jaiOuh{min-height:450px}}.jasvOK{min-height:600px}@media(min-width:1000px){.jasvOK{min-height:450px}}.jasvOK.mobile-only{display:block}@media(min-width:1000px){.jasvOK.mobile-only{display:none}}.jasvOK.desktop-only{display:none}@media(min-width:1000px){.jasvOK.desktop-only{display:block;margin-bottom:16px}}.jasvOK.desktop-only+p{margin-top:0}.jasvOK .third-party-ad{position:sticky;top:16px}.bYBoJE{width:100%;flex-grow:1}.bYBoJE .social-share{width:100%;padding-top:10px;padding-bottom:20px}@media(min-width:768px){.bYBoJE .social-share{justify-content:flex-start}}.bYBoJE .social-share.sticky{display:none}@media(min-width:1000px){.bYBoJE .social-share.sticky{display:flex;position:sticky;top:14px;width:34px;flex-direction:column;padding-top:0;margin-top:0;margin-left:-25%}.bYBoJE .social-share.sticky .sc-mgcah7-0{margin:0 0 16px}.article-feature-video .bYBoJE .social-share.sticky{margin-top:0}.article-feature:not(.article-feature-video) .bYBoJE .social-share.sticky{margin-top:35%}}.bYBoJE.sponsored-article img,.bYBoJE.sponsored-article video{width:100%;max-width:602px;height:auto}.bYBoJE.sponsored-article iframe{max-width:602px;max-height:400px}.bYBoJE .under-article-prompt-donations{padding-bottom:8px;margin-top:-3px}.bYBoJE .big-letter{--color:#222;display:flex;position:relative;width:0;height:0;align-items:center;justify-content:center;padding:40px;margin-top:22px;margin-right:12px;border:1px solid var(--color);float:left;font:normal 52px/1 'Indy Serif','Indy Serif Fallback',serif;text-transform:uppercase}.bYBoJE .big-letter:first-child{margin-top:6px}.bYBoJE .big-letter::before{position:absolute;top:0;left:0;width:100%;height:100%;box-sizing:border-box;border:1px solid var(--color);border-radius:50%;content:''}.bYBoJE #taboola-below-article-1{min-height:2350px}@media(min-width:768px){.bYBoJE #taboola-below-article-1{min-height:3370px}}.bYBoJE #taboola-below-article-1-split-num-1{min-height:130px}@media(min-width:768px){.bYBoJE #taboola-below-article-1-split-num-1{min-height:415px}}.bYBoJE .sc-fwko30-0+.sc-1xtsh2b-0{margin-top:-16px}@media(min-width:768px){.bYBoJE{max-width:636px;margin:0}}@media(min-width:1000px){.bYBoJE{max-width:624px;margin:0}.bYBoJE.subscribed{max-width:636px}}@media(max-width:999px){.bYBoJE{padding-right:0}.bYBoJE .under-article-prompt-donations{margin-top:-18px}}.bYBoJE .anchor-nav-header{scroll-margin-top:79px}.bYBoJE .anchor-nav-header a{color:#222;color:light-dark(#222,#fff)}.bYBoJE .anchor-nav-header a:hover{color:#222;color:light-dark(#222,#fff)}@supports(color:light-dark(red,red)){.bYBoJE .big-letter{--color:light-dark(#222,#fff)}}.liYrJc{display:flex;flex-wrap:wrap;justify-content:flex-start;margin-bottom:8px;color:#d3d3d3;color:light-dark(#d3d3d3,#d3d3d3);font:normal 16px/20px 'Indy Sans','Indy Sans Fallback',sans-serif}@media(min-width:768px){.liYrJc{width:70%;align-items:center;justify-content:flex-start;margin-bottom:0;font:normal 16px/24px 'Indy Sans','Indy Sans Fallback',sans-serif}}@media(min-width:1000px){.liYrJc{width:70%;margin-bottom:0}}.dMNxBE{display:flex;height:20px;margin:0 12px 8px 0}.article-voices .dMNxBE{height:auto}@media(min-width:425px){.article-voices .dMNxBE{height:20px}}.dMNxBE::before{display:inline-block;align-self:center;margin-top:1px;margin-right:12px;content:'\2022';transform:scale(1.5)}.dMNxBE:first-child::before{content:none}@media(min-width:768px){.dMNxBE{height:24px;margin-bottom:0}.dMNxBE::before{margin-top:2px}}.dMNxBE time{display:block}.dMNxBE time::first-letter {text-transform:capitalize}.efpEY{display:inline-block;margin:0 12px 8px 0;color:#ef4757;color:light-dark(#ef4757,#ef4757);font:bold 16px/20px 'Indy Sans','Indy Sans Fallback',sans-serif;letter-spacing:-0.5px}.efpEY:hover,.efpEY:active{color:#f58992;color:light-dark(#f58992,#f58992)}@media(min-width:768px){.efpEY{margin-bottom:0}}.fefQOD{margin:0 4px 8px 0}.fefQOD::before{display:inline-block;margin-top:2px;margin-right:12px;color:#d3d3d3;color:light-dark(#d3d3d3,#d3d3d3);content:'\2022';transform:scale(1.5)}.fefQOD:first-child::before{display:none}@media(min-width:768px){.fefQOD{margin-bottom:0}}.bMRmfY{display:flex;justify-content:flex-start;padding:0;margin:0 0 16px}@media(min-width:768px){.bMRmfY{display:flex;width:30%;align-items:center;justify-content:flex-end;margin:0}}@media(min-width:1000px){.bMRmfY{width:30%}}.dfBarH{padding-top:0;border-top:0;border-bottom:0}@media(min-width:768px){.dfBarH{display:flex;flex-flow:row wrap;padding-bottom:16px}.dfBarH .sc-mzrbq8-0{order:1}.dfBarH .sc-mzrbq8-6{order:2}}@media(min-width:1000px){.dfBarH{flex-direction:row}}.gkrVhQ{padding:16px 12px 12px;text-align:left;font:bold 14px/18px 'Indy Sans','Indy Sans Fallback',sans-serif}@media(min-width:768px){.gkrVhQ{padding:16px 16px 12px}}.article-infact .gkrVhQ{padding:16px 0}@media(min-width:1000px){.gkrVhQ{padding:24px 0 19px}.article-feature .gkrVhQ{max-width:968px;margin:0 auto}}.gkrVhQ a{color:#fff;color:light-dark(#fff,#fff)}.gkrVhQ a:hover{color:#f58992;color:light-dark(#f58992,#f58992)}.gkrVhQ a:hover::after{color:#fff;color:light-dark(#fff,#fff)}.gkrVhQ a::after{margin-right:4px;margin-left:4px;content:'>'}.gkrVhQ a:last-child::after{display:none}.gbPKFW{margin:0 0 20px;letter-spacing:0}.bulCXp{margin:0;color:#d3d3d3;color:light-dark(#d3d3d3,#d3d3d3);font:normal 16px/20px 'Indy Sans','Indy Sans Fallback',sans-serif}@media(min-width:768px){.bulCXp{font:normal 18px/22px 'Indy Sans','Indy Sans Fallback',sans-serif}}@media(min-width:1000px){.bulCXp{font:normal 20px/24px 'Indy Sans','Indy Sans Fallback',sans-serif}}.bulCXp p{font:inherit}.article-feature .bulCXp a{font-weight:bold}.gOoYlj{max-width:968px;margin:0 auto;background:#222;background:light-dark(#222,#222)}@media(min-width:1000px){.parallax .gOoYlj{max-width:1240px}}.fdtMsm{font:bold 32px/36px 'Indy Serif','Indy Serif Fallback',serif;letter-spacing:-0.0156em}@media(min-width:768px){.fdtMsm{font:bold 44px/48px 'Indy Serif','Indy Serif Fallback',serif;letter-spacing:-0.0113em}}@media(min-width:1000px){.fdtMsm{font:bold 54px/58px 'Indy Serif','Indy Serif Fallback',serif;letter-spacing:-0.0092em}}.cuYuhQ{background:#222;background:light-dark(#222,#222)}.cuYuhQ .sc-qvufca-1{max-width:968px;background:#222;background:light-dark(#222,#222)}.cuYuhQ .sc-qvufca-0{margin:0}@media(max-width:999px){.cuYuhQ .sc-qvufca-0{margin:0 12px 0}}.cuYuhQ .sc-qvufca-2,.cuYuhQ .sc-1cmj4ml-0{color:#fff;color:light-dark(#fff,#fff)}.cuYuhQ .sc-qvufca-2{margin:0 0 20px}.cuYuhQ .sc-1cmj4ml-0{margin-bottom:16px}.eBMXOi{max-width:100%;clear:both}@media(min-width:1000px){.kFNaRc .sc-qvufca-1{padding:0 16px}}.fzuCgM{overflow:hidden;height:0;color:transparent}.fmcHss{max-width:100%;margin:0 0 20px}.fmcHss.sticky{position:sticky;top:16px}.hlxBlR{min-height:600px}.hlxBlR #mpu1,.hlxBlR #sidebar1{position:sticky;top:16px}.MxpAk{min-height:250px}.clQXMC{max-width:100%}.eEtnsS{margin:0 0 6px;color:#646464;color:light-dark(#646464,#bdbdbd);font-family:'Indy Sans','Indy Sans Fallback',sans-serif;font-size:15px}.PbXHI{margin:0 0 12px}.hVucHy{height:380px}.pAheK{width:100%;height:51px}.lgmjvx{margin-bottom:16px;border-bottom:1px solid #919191;border-bottom:1px solid light-dark(#919191,#646464)}.gSAEA-d{margin-bottom:16px}.gSAEA-d [role='listitem']{position:relative;margin-bottom:12px;border-bottom:1px solid #d3d3d3;border-bottom:1px solid light-dark(#d3d3d3,#919191)}.gSAEA-d [role='listitem'] .sc-u4n1j-0{display:flex;position:absolute;bottom:16px;left:10px;width:32px;height:32px;align-items:center;justify-content:center;border-radius:50%;background-color:#ec1a2e;background-color:light-dark(#ec1a2e,#ec1a2e)}.gSAEA-d [role='listitem'] .sc-u4n1j-0>svg{width:90%;fill:#fff;fill:light-dark(#fff,#000);stroke:transparent}.gSAEA-d [role='listitem']:first-child{display:block;padding-bottom:0;margin-bottom:12px}.gSAEA-d [role='listitem']:first-child .sc-u4n1j-0{top:-15px;bottom:auto;left:12px}.gSAEA-d [role='listitem']:first-child>*:first-child{display:block;width:100%;height:205px}.gSAEA-d [role='listitem']:first-child>*:last-child{--content-bg:#222;--content-bg-opaque:rgba(34,34,34,0.7);position:absolute;bottom:0;width:100%;padding:28px 12px 12px;background:linear-gradient(to top,var(--content-bg) 70%,var(--content-bg-opaque) 100%) no-repeat;color:#fff;color:light-dark(#fff,#222);font-size:17px;font-weight:bold}.gSAEA-d [role='listitem']:last-child{margin-bottom:0;border-bottom:0 none}@supports(color:light-dark(red,red)){.gSAEA-d [role='listitem']:first-child>*:last-child{--content-bg:light-dark(#222,#222)}}@supports(color:light-dark(red,red)){.gSAEA-d [role='listitem']:first-child>*:last-child{--content-bg-opaque:light-dark(rgba(34,34,34,0.7),rgba(34,34,34,0.7))}}.fgtiQY{min-height:1924px}@media(max-width:767px){.fgtiQY{display:none}}.eqQkhO{width:308px;height:100%;margin-left:auto}.eqQkhO.hidden{display:none}@media(max-width:999px){.eqQkhO{display:none}}.article-liveblog .dzfINj{background-color:#f7f7f7;background-color:light-dark(#f7f7f7,#222)}.jBkNwU{justify-content:center}.cumEve{justify-content:center}@keyframes hqVOOe1548920386{from{transform:translateX(0)}to{transform:translateX(-100%)}}@keyframes bReFEb1548920386{from{transform:translateX(100%)}to{transform:translateX(0)}}
Stay up to date with notifications from The Independent Notifications can be managed in browser preferences.
Not now Yes please
News UK Home News Pound to dollar falls after Kwasi Kwarteng sacked as chancellor by Liz Truss Chancellor ousted amid back bench revolt over tax-cutting agenda
Kwasi Kwarteng leaves Downing Street after being sacked as chancellor Your support helps us to tell the story From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference. Read more The pound slumped against the US dollar on Friday after chancellor Kwasi Kwarteng was sacked by prime minister Liz Truss amid an ongoing revolt over the pair's disastrous "mini-Budget".
Mr Kwarteng was told his services were no longer required as Ms Truss attempted to regain her authority ahead of a U-turn on parts of the financial plan outlined by the chancellor just three weeks ago.
Britain's currency was trading at 1.4 per cent lower than the dollar at one point in the afternoon following Mr Kwarteng's dismissal, with £1 buying $1.1169.
open image in gallery
Kwasi Kwarteng was sacked on Friday (Victoria Jones/PA) (PA Wire) Earlier in the day, Mr Kwarteng had rushed back to the UK from Washington DC, where he had been attending a meeting of leaders at the International Monetary Fund, whose managing director criticised his tax-cutting agenda.
In a letter to Ms Truss posted on social media, Mr Kwarteng said: "You have asked me to stand aside as your chancellor. I have accepted."
He said her "vision of optimism, growth and change was right" and pledged to support her from the backbenches. Ms Truss appointed former health and foreign secretary Jeremy Hunt as the new chancellor.
The choice of Mr Hunt, a prominent backer of her rival Rishi Sunak in the Tory leadership contest, will be seen as an attempt to restore stability after weeks of turmoil in the wake of Mr Kwarteng’s mini-Budget.
The ousted chancellor’s financial statement to MPs in the House of Commons on 23 September sparked turmoil in the markets, prompting the Bank of England to launch a £65bn package to buy government bonds as some pension funds teetered on the brink of collapse.
It also resulted in a further hike in interest rates and an increase in mortgage costs.
open image in gallery
Markets have not responded positively as the chaos continues (AFP/Getty) The market turmoil also sparked a revolt among Tory backbenchers, who urged the PM to change course.
At the press conference on Friday afternoon, Ms Truss announced that corporation tax will rise from 19 per cent to 25 per cent next year in a major U-turn on her economic plans.
Insisting she is "determined to deliver" on her campaign pledges, Ms Truss refused to apologise for the political turbulence in the wake of her policies.
Asked if she would apologise to her party, Ms Truss told reporters at Downing Street: "I am determined to deliver on what I set out when I campaigned to be party leader.
"We need to have a high-growth economy but we have to recognise that we are facing very difficult issues as a country.
"And it was right, in the national interest, that I made the decisions I've made today to restore that economic stability so we can deliver, first of all helping people through this winter and next winter with their energy bills, but also making sure that our country is on the long-term footing for sustainable economic growth."
The pound swung lower after Ms Truss confirmed that the government will reverse her policy to scrap the planned rise in corporation tax.
Sterling had pared back some of its early losses shortly before the PM's speech but then dropped back, indicating that traders believe there is still more action to be taken.
The pound moved 1.2 per cent lower at 1.119 against the US dollar after the update.
Meanwhile, yields on gilts - UK government bonds, which have come under severe pressure in recent weeks - also tipped higher to 4.5 per cent, almost returning to levels from the market opening on Friday.
Thank you for registering Please refresh the page or navigate to another page on the site to be automatically logged in Please refresh your browser to be logged in
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments