Pound Sterling (GBP)

GBP/EUR - Today's data summary

% change
Price Euros
As of 16:32 28 May 2023

GBP/JPY - Today's data summary

% change
Price Yen
As of 16:32 28 May 2023

GBP/USD - Today's data summary

% change
Price US dollars
As of 16:32 28 May 2023

Latest updates

  1. Markets respond positively to Hunt statement

    The pound rose and government borrowing costs fell as investors welcomed the news that Chancellor Jeremy Hunt is reversing almost all tax measures set out in the mini-budget.

    Sterling extended early morning gains against the dollar, and is now trading at around $1.13.

    Graph showing pound dollar

    The news also saw the interest rate - or yield - on UK government bonds fall, making government borrowing less expensive.

    The yield on bonds due to be repaid in 30 years' time, which dropped when markets opened on Monday morning, fell further after Hunt’s statement, to 4.35%.

    Meanwhile, the yield on bonds due to be repaid in five years' time, which underpins the cost of new five-year fixed rate mortgages, also fell to 3.86%.

    The drop in yields suggests financial markets are welcoming the changes to economic plans.

    Chart showing gilts
  2. Video content

    Video caption: In full: Kwasi Kwarteng's BBC interview amid U-turn rumours

    Kwasi Kwarteng admits there was 'some turbulence' in the economy after last month's mini-budget.

  3. Video content

    Video caption: Kwasi Kwarteng: I am not going anywhere

    The chancellor acknowledges "some turbulence" after the mini-budget - but insists he will keep his job.

  4. Video content

    Video caption: James Cleverly: Changing leadership disastrously bad idea

    The foreign secretary defended the mini-budget that triggered market turmoil.

  5. Video content

    Video caption: Jacob Rees-Mogg blames interest rates for economic turmoil

    The business secretary disagrees with the assertion that the government's mini-budget sparked market uncertainty.