Jeremy Hunt has reversed most of the measures in Kwasi Kwarteng’s mini-budget two weeks ago, and the markets are relieved. Income tax will no longer fall to 19% and the Energy Price caps are now only guaranteed for six months rather than two years.

As a result, Gilt yields have fallen significantly, and if those falls are sustained, mortgage rates should start to fall back too.

The prospect of more stability in markets and the economy boosted share prices. The FTSE 100 closed up 0.9% at 6920.24. The FTSE 250, which has a bigger slant to UK-focused companies than the FTSE 100, delivered a bigger rise, up 2.76% to 17,502.84.

In today’s update, we look at why housebuilders have done especially well today, why ITV is on the rise, and why shares in one of the biggest online clothing retailers have dropped.