The pound rose to its highest rate against the euro since November 2007 this morning, climbing to €1.4350 at its highest point.

In a statement today Mario Draghi confirmed that the European Central Bank is expected to maintain its loose monetary policy in the near-distant future.

However, both the UK and the US are set to raise rates before the end of this year. Governor of the Bank of England Mark Carney said on Tuesday that the point at which UK interest rates may begin to rise was “moving closer”. On Wednesday, Chair of the US Rederal Reserve Janet Yellen said much the same thing for the US. The euro fell 0.5% against the dollar on Thursday to $1.0891.