There has been a positive market reaction to the resignation of Liz Truss after just 44 days in office, following the fierce backlash against her economic plan and humiliating climbdown.
News that the PM was to make a Downing St statement sparked a rally for sterling versus the dollar – leaving the UK currency almost a cent up on the day at one stage at $1.13.
It remained half a cent higher following confirmation she was to leave office.
Shares also moved higher initially on the FTSE 100 and government borrowing costs also fell.
The 30-year gilt yield fell back to 3.8% – continuing its recovery since the post-mini budget highs around 5% that sparked Bank of England intervention.
It took a series of U-turns on the growth plan, initiated by new chancellor Jeremy Hunt after the sacking of Kwasi Kwarteng, for market damage to ease.
