Sterling soared as currency traders welcomed the further easing of lockdown while betting that Scotland will not leave the UK any time soon.
The pound sailed as high as $1.4158 against the US dollar – a level not seen since February – and €1.1636 against the euro.
The rally came as Boris Johnson – fresh from a string of victories in last week’s elections – confirmed that more coronavirus restrictions would be lifted on May 17 as the vaccine rollout continues.
The pound sailed as high as $1.4158 against the US dollar – a level not seen since February – and €1.1636 against the euro
The successful vaccination programme and reopening of the economy looks set to turbo-charge the recovery this year.
The Bank of England last week said it expects the economy to grow by 7.25 per cent this year – the best performance since 1941, when a frenzy of wartime manufacturing ramped up output, and the fastest peacetime pick-up since 1927.
The pound was also boosted by election results in Scotland.
Although the Scottish National Party won a fourth successive victory last week, it failed to secure an outright majority, making an early independence referendum unlikely.
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