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New chancellor calms financial markets, but some big stresses are still to come

In a bid to calm financial markets the new chancellor Jeremy Hunt has rowed back (17 October) virtually all the proposed tax cuts in the mini budget while the cap on energy bills will now only last until April 2023 rather than for two years.Long-dated UK gilt prices surged 5% higher as yields dropped from 4.8% on 14 October to 4.4% while the 10-year yield fell by 0.4% to 3.9%.Despite the fall in y
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