Pound, shares and UK government bonds rally after most mini-budget tax cuts ditched – as it happened

Pound holds gains and gilt yields remain lower as new chancellor rips up Trussonomics, pushing tax take to 70-year high this parliament

• Jeremy Hunt scales back energy bill support scheme and reverses nearly all mini-budget tax cuts - UK politics live

Jeremy Hunt is trying to prevent a rout in the bond market by rushing out new tax and spending measures today.

It's an extraordinary situation, explains ITV's Robert Peston:

High energy prices, elevated inflation, rising interest rates and global economic weakness mean the UK economy is expected to be in recession until the middle of 2023.

Folding in weaker growth momentum, significantly tighter financial conditions, and the higher corporation tax from next April, we downgrade our UK growth outlook further and now expect a more significant recession."