The euro continued its rise against the British pound sterling on Wednesday to arrive at the highest point since November 15, following data revealed by the United Kingdom Office for National Statistics which showed that public sector borrowing hit a record £22 billion last month. The figure nearly tripled from the £8.1 billion recorded in the same month in 2021.

The British currency has been on a continued downward trend since the Bank of England and the European Bank both announced to raise interest rates by 50 basis points on December 15, following in the footsteps of the United States Federal Reserve decision day before.

The euro gained 0.62% against the pound at 01:39 pm CET, to sell for £0.87760. At the same time, the dollar advanced against the British currency by 0.59% to change hands for £0.82612.