Sterling surge eases cross-border shopping concern

A surge in the value of sterling against the euro on increased speculation that a UK rate hike is looming has for the time being eased fears about the fallout of Brexit boosting cross-border shopping and disrupting the economy.

Comments by Bank of England policymaker Gertjan Vlieghe about an early UK rate hike came a day after a surprise hawkish tilt in the language used by the central bank.

Sterling soared against the dollar and climbed at one stage by over 1% to 88p against the euro.