BUSINESS LIVE: BoE plots crypto sterling; M&S profits soar

BUSINESS LIVE: BoE plots crypto sterling; City regulators weigh post-Brexit rules shake up; M&S profits soar

Bitcoin prices soared to a record high yesterday as the Bank of England laid out a timetable for the launch of its own cryptocurrency.

The coin broke through $68,000 (£50,150) for the first time, meaning it is now up over 110 per cent since the start of the year. Its previous record was in late October, when it hit $67,700 (£49,920).

City regulators are preparing to break free of EU shackles to pull more business to the UK post-Brexit.

Chancellor Rishi Sunak plans to give the Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority more freedom to replace EU law with their own rules.

Marks & Spencer beat forecasts for first-half profits and raised its full-year outlook, with revenues surpassing pre-Covid levels.

The retailer made a pre-tax profit of £269.4million pounds in the six months to 2 October, versus analyst forecasts of £205million to £264million.

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The profit upgrade is only the second from M&S this century and follows one in August

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