Pound jumps as markets price in more mini-budget U-turns as Kwarteng returns to UK

After Kwasi Kwarteng returned to the UK to create his stimulus plan, the pound (GBPUSD=X) soared close to its highest level in a week.

The UK chancellor departed the Washington, DC IMF session early to face Britain's economic crisis amid rumours of additional small budget U-turns.

Early on Friday, after falling below $1.10 the previous session, sterling climbed above $1.13.

There is growing pressure on Kwarteng and Prime Minister Liz Truss to reverse the proposed hike in corporation tax that was set to take effect in April.

Following the U-turn on the 45p, the predicted move would represent second reversal since the mini-budget on September 23.

According to analysts, the markets now seem to be reacting favourably to rumours that the administration is likely to take warnings about its unfunded tax cut plans seriously.


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