UPDATE 1-Growth hopes on British vaccination pace push pound to new highs Reuters 1/21/2021
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By Ritvik Carvalho
LONDON, Jan 21 (Reuters) - Sterling set a fresh 2-1/2 year high against the dollar and a new 8-month high against the euro on Thursday on hopes that Britain s brisk pace of COVID-19 vaccinations would lead to a relatively quick rebound in economic growth.
With a Brexit deal in the bag, Britain s lead in vaccinations, along with lowered expectations of negative interest rates from the Bank of England, has boosted the pound against the euro.
The pound is up 1.2% against the single currency this year, and 0.7% this week. Speculators increased their long positions on the pound last week to their highest since September last year.
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Almost nine million people in Britain had to borrow more money by the end of last year to help them through the crisis, according to new figures that show widening gaps between the rich and the poor.