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The pound has risen on news that new UK Chancellor Jeremy Hunt is to make an emergency statement on Monday to calm the chaos in the financial markets.
Sterling leapt to just over $1.13 at one stage, having kicked off the week more nervously, ahead of what many have feared would be a testing day for markets.
The treasury's announcement of an emergency fiscal statement came before markets opened for the first time since the Bank of England ended its government bond-buying scheme, with all eyes on the reaction in gilt trading.
The bank stuck to its guns by ending its emergency gilt-buying programme on Friday despite fears it would see a return to volatile market conditions which sparked a damaging sell-off in gilts that left some pension funds on the verge of collapse.
Hunt's move also comes as speculation swirls over Liz Truss's future as prime minister.
source: PA
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