Markets surged as the former chancellor was elected leader of the Conservative party and is set to make history as Britain's first PM of Asian origin.
Penny Mordaunt became the first Conservative MP to declare she's running in the race to No10 as Liz Truss departs.
UK markets and sterling pushed higher as investors took comfort from the prime minister's departure after a chaotic 44 days in office.
September's 10.1% inflation figure beat economists’ expectations as food prices jumped at the fastest rate on ONS records dating back to 1989.
Equity markets extended a rally as good earnings reports and calming UK markets boosted traders' sentiment.
Truss's leadership hangs by a thread as Tory MP's call for her exit, while new chancellor Jeremy Hunt binned her economic vision in an attempt to restore market faith.
Liz Truss announced a sharp shift on parts of her controversial £43bn tax cutting plan in an effort to calm market jitters.
The cost of long-term borrowing for the UK government rose even after Threadneedle Street stepped up efforts to soothe jittery markets.
Investors asses the latest developments in the global economy after a volatile week of trading in financial markets.
The UK chancellor will outline his spending cuts on 23 November as planned after confusion that he would be bringing it forward to later this month.
European stocks closed higher as investors digest the dramatic U-turn to scrap the planned 45p top rate UK income tax cut.
The Bank of England failed to raise rates, but markets doubt governor Andrew Bailey can avoid an emergency meeting amid bets on sterling slide.
Sterling has fallen against major currencies as tax cuts stoke higher interest rates and recession fears.
London's bluechip index tumbled below 7,000 after Kwasi Kwarteng's mini-budget, despite hopes tax cuts will boost growth.
London's bluechip index clawed back some losses after the sharp sell-off in the previous two sessions.
Queen Elizabeth II will lie in state in Westminster Hall inside the Palace of Westminster, from Wednesday until a few hours before her funeral on Monday.
King Charles III and other members of the royal family followed the procession to St Giles's Cathedral in Edinburgh on foot.
Liz Truss officially became prime minister after visiting the Queen at Balmoral on Tuesday, making her the nation's third female leader.
The deepening energy crisis following the closure of the Nord Stream 1 gas pipeline has sent equities and the euro tumbling.
The group of seven richest countries, including the UK and US, agreed a price cap on Russian oil amid the energy crisis.
Renewed fears over rate raises, recession, and a spike in European energy prices took some of the wind out of this summer’s stock-market rally.
Equities were trading lower amid mounting jitters over global growth as most central banks keep raising rates to tame rocketing inflation.
The 0.6% output decline in June marked the biggest monthly fall since January 2021.
Sterling fell 0.5% against the euro ahead of the numbers on Friday, which are expected to show further signs of a weakening British economy.
Inflationary pressures in the world largest economy eased on the back of lower energy and petrol prices, but prices remain near a 40-year high.