Pound rises and UK borrowing costs drop as Hunt scraps measures

Yield on 30-year UK government bonds plummets as chancellor reverses more of Kwarteng mini-budget

UK government borrowing costs fell sharply and the pound rallied after Jeremy Hunt said he would cut short the emergency price freeze on consumer energy bills and cancel most of unfunded tax cuts in last month's mini-budget.

The yield - or interest rate - on 30-year UK government bonds fell by more than 0.4 percentage points on Monday after the chancellor's statement, with a decline in borrowing costs across the board for short- and long-dated bonds.