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Pound rockets as UK rips up budget, US stocks gain

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The pound surged against the dollar as Britain's fourth finance minister in as many months sensationally ripped up a tax-cutting budget that had spooked markets.

Chancellor of the Exchequer Jeremy Hunt axed almost all of the debt-fueled tax cuts unveiled last month by the new government of Prime Minister Liz Truss, reassuring markets that had tanked and pushing the pound to an all-time low against the dollar.

"No government can control markets but every government can give certainty about the sustainability of public finances," Hunt said in a televised address that demolished the maligned budget.

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