New UK finance minister Hunt reverses tax plan

Sterling rises against dollar and bond prices rally in early trade

Jeremy Hunt leaves 10 Downing Street in London after he was appointed Chancellor of the Exchequer following the resignation of Kwasi Kwarteng on Friday.

New British finance minister Jeremy Hunt reversed nearly all of Prime Minister Liz Truss's mini-budget that had sparked market turmoil, and reined in a vast energy subsidy plan, saying the country needed to rebuild investor confidence.

Hunt, appointed on Friday to fix the public finances after Truss's economic plan hammered the value of British assets, said the country needed to generate confidence and stability before it could seek to grow the economy.