Liz Truss fails to calm markets despite sacking Kwasi Kwarteng

Investors were spooked by the brief press conference given by Truss, in which she vowed to ‘see through’ what she had promised. Photograph: Daniel Leal/PA

Liz Truss has failed to quell the turmoil in financial markets as investors attempted to assess the fallout from Kwasi Kwarteng’s sacking.

Sterling fell 1.3% to $1.1188 on a rollercoaster day for the currency. The pound dropped sharply after Kwarteng’s exit from the cabinet was confirmed before recovering some lost ground as Jeremy Hunt was named chancellor.