"Despite continuing global instability, the OBR report today that inflation in the UK will fall from 10.7% in the final quarter of last year to 2.9% by the end of 2023."
MARKET REACTION:STOCKS: The FTSE 100 (.FTSE) was down 3%, under pressure from a rout in global bank stocks, while the domestic-focussed midcap index (.FTMC) fell 2.5%.
MONEY MARKETS: UK bond yields pared some of their daily declines, with the 10-year yield last down 19 basis points at roughly 3.30%, compared with a session low of 3.289% when Hunt began talking.
EDWARD PARK, CHIEF INVESTMENT OFFICER, BROOKS MACDONALD, LONDON:"I would view this very much as a budget for the bond market."
"When the dust settles, international investors will be constructive around the type of budget we've had today, which suggests a calmer approach to managing the UK.