Please use Chrome browser for a more accessible video playerThe financial markets have responded negatively following Liz Truss's announcement of a U-turn on corporation tax in a bid to reassure investors.
On Friday morning, the markets had already priced it in as gilt yields, the interest rate payments on long-dated government bonds, effectively state IOUs, fell while the pound rose against the dollar and the euro. These gilts are the bonds that had been bought up as part of the Bank of England's unprecedented intervention in the market to prevent a collapse in pensions as the market doubted the credibility of the UK's economic plans.
Overall, however, sterling buys more US currency on Friday than at any point in the past seven days. On Friday afternoon £1 bought $1.12.
Source: Financial Digest (financialdigest.net)
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