Tax U-turn lifts pound as borrowing costs fall

Chancellor Kwasi Kwarteng remains under pressure to detail how he will pay for wider tax cuts.

Tony Danker, head of the Confederation of British Industry , welcomed the U-turn saying that calming markets was an "absolute pre-condition to investment and growth".

But he warned of more volatility if the chancellor did not use his next fiscal statement on 23 November to explain how he will fund his tax cuts, "Whilst we welcome this morning's statement, the fundamental issue of how the government expects to finance both its proposed tax cuts and its spending commitments to cap the unit price of energy remains unresolved," said deputy director Stephen Millard.

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