Pound falls and UK borrowing costs rise despite Jeremy Hunt debt promise

Chancellor says he will do whatever is necessary' to bring down national debt

• Business live updates: Jeremy Hunt vows to bring down debt

The pound fell and government borrowing costs rose on Friday despite a promise from Jeremy Hunt that he would do whatever necessary" to bring down national debt.

With financial markets weighing the potential for a continued instability inside the Conservative party after the election of a new leader, the chancellor said getting the public finances on a stable footing was essential.