Following new Chancellor Jeremy Hunt’s fiscal U-turn, UK Prime Minister Liz Truss said that ”we have taken action to chart a new course for growth that supports and delivers for people across the United Kingdom.”

She noted, “the British people rightly want stability, which is why we are addressing the serious challenges we face in worsening economic conditions.”

Market reaction

GBP/USD has entered a consolidative mode just below 1.1300, as traders await Wall Street open for fresh trading impetus. Truss’ comments failed to move a needle around cable.