Sterling and gilts surge after Budget

The pound is 0.60% higher to $1.4846 and 0.72% up to €1.2073. When Chancellor George Osborne started presenting his Budget about four hours earlier, sterling showed a 0.25% loss against the dollar, and was up only 0.05% against the euro. Gilt have also climbed today, with the benchmark 10-year yield dropping 0.06% to 3.44%. Osborne says today's austerity measures are vital to aviod similar pressures currently being faced in the eurozone.