The pound rallied back up to 1.51 US dollars after the Bank of England decision not to change the rate of quantitative easing.
The pound had earlier dipped below 1.50 against the US dollar on fears that the Bank would restart the printing presses.
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Former Conservative party chairman says the mistakes of two Tory Prime Ministers in row have had "calamitous" consequences for Britain.
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The Brexit Secretary's comments come after Chancellor Philip Hammond's remarks that no EU deal would "very, very bad" for the UK.