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Sterling hits seven-year high

The pound hit its strongest level in more than seven years against the euro, powered by prospects of a further divergence in monetary policy as the UK's economy gathers momentum.

The pound strengthened 0.1pc to 69.90 pence per euro as of 2.53 pm London time, after touching 69.63 pence, the strongest level since November 2007. Sterling slipped 0.2pc against the dollar.