Prime Minister Liz Truss admits the government’s mini-budget had gone ‘faster and further’ than many expected. Jeremy Hunt, the former foreign and health secretary, will succeed Kwasi Kwarteng as chancellor. The yield on bonds due to be repaid in five years’ time jumped to 4.35%. The pound also sank by more than 1% to just under $1.12 on Friday before clawing back some losses. Bank of England stepped in to buy £19.3bn worth of government bonds on Friday. Emergency bond-buying scheme set up to restore calm in the financial markets will also come to an end. But some economists warn that the latest developments might not be enough to restore UK’s credibility. . . .
Read more at www.bbc.com