SUSANNAH STREETER, HEAD OF MONEY AND MARKETS, HARGREAVES LANSDOWN, LONDON:

MONEY MARKETS: UK bond yields pared some of their daily declines, with the 10-year yield last down 16 basis points at 3.323%, compared with a session low of 3.289% as Hunt began talking. STOCKS: The FTSE 100 was down 3%, under pressure from a rout in global bank stocks, while the domestic-focussed midcap index fell 3.1%.įOREX: The pound was under pressure against the dollar, dropping 0.6%, but rose against the euro by 1% at 87.39 pence. The pound was last up roughly 1% against the euro, but sank against the dollar, as a rout in global banking shares hit investor confidence in risk-linked assets such as equities with London blue-chip stock index sliding. 'Despite continuing global instability, the OBR report today that inflation in the UK will fall from 10.7% in the final quarter of last year to 2.9% by the end of 2023.'

'Today the Office for Budget Responsibility forecast that, because of changing international factors, and the measures I take, the UK will not now enter a technical recession this year,' he said as he presented his budget in parliament.

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