The pound jumped more than one percent against the dollar Monday as Britain's fourth finance minister in as many months prepared to update on UK tax and spending plans that spooked markets in recent weeks.
Britain's new finance minister Jeremy Hunt will unveil tax and spending measures later Monday, bringing forward part of his fiscal plan to calm markets after a botched debt-fuelled budget.
New British finance minister Jeremy Hunt on Monday reversed nearly all of Prime Minister Liz Truss's mini-budget that had sparked market turmoil, and reined in a vast energy subsidy plan, saying the country needed to rebuild investor confidence.
Britain's new finance minister warned Saturday of tax hikes to come as he admitted to "mistakes" made by his short-lived predecessor in a disastrous budget.