the value of the pound is back to its highest levels since before Liz Truss’s mini-budget Rishi Sunak was confirmed as new prime minister.

Sterling rose 1.9% to 1.149 against the US dollar after the new prime minister began confirming appointments in his new Govt.

The rise has seen the pound worth more than at any time since September 15.

Sterling was slightly lower at 1.146 in afternoon trading in London.

It follows a turbulent period for the currency after Liz Truss was appointed as Prime Minister on September 5.

The mini-budget, led by Ms Truss and then-chancellor Kwasi Kwarteng, on September 23 helped send sterling to an all-time low of 1.032 to the dollar a few days later.

The Bank of England responded with an emergency purchase of government bonds, helping to ease some concerns about rising government borrowing costs.

The new chancellor Jeremy Hunt has also since dropped a number of key policies, such as the planned repeal of the corporate tax increase, from the mini-budget update.

Yields, which determine the interest the government pays on some loans, were also lower on Tuesday.

The yield on 30-year gilts was 0.1 percentage point lower at 3.65%, roughly at the pre-minibudget level.