Liz Truss fails to calm markets despite sacking Kwasi Kwarteng

Sterling fell, FTSE 100 lost its gains and bond yields rose after PM's press conference failed to announce new direction

• Three weeks of chaos that cost more than Kwarteng's job
• Jeremy Hunt appointed chancellor after sacking Kwarteng
• PM to raise corporation tax in another humiliating U-turn

Liz Truss has failed to quell the turmoil in financial markets as investors attempted to assess the fallout from Kwasi Kwarteng's sacking.

Sterling fell 1.3% to $1.1188 on a rollercoaster day for the currency. The pound dropped sharply after Kwarteng's exit from the cabinet was confirmed before recovering some lost ground as Jeremy Hunt was named chancellor.