Sterling had already fallen around 0.5% - going from $1.193 to $1.1850 - by the time the chancellor rose to his feet in the Commons.

But after he had finished, it had fallen further to the $1.183 mark - down about 0.6%.

The FTSE 100 was down 0.65% at 12.15pm, while the more domestically-focused FTSE 250 had fallen almost 0.3% during the day, from an earlier loss of 0.4%.

Government bonds edged lower, while bond yields - which were already up before Mr Hunt's statement - rose further.

The benchmark 10-year gilt yield was last up seven basis points to 3.21%, while the two-year yield rose 12 basis points to 3.104% having traded at around 3.07% just before Mr Hunt started speaking.