A jump in the pound a minute before the Bank of England said it would keep interest rates on hold led some in the market to ask whether any participants knew of the decision before it became public.

Sterling skidded again yesterday, almost equalling a 10-year low against the euro, after an unexpected second quarter contraction in the UK economy alarmed investors already fretting that the UK is headed for a no-deal Brexit.

World stockmarkets hovered close to all-time highs yesterday as the best start to a year in eight years showed little sign of running out of steam, with the combination of strong global growth and low inflation powering the appetite for risk.