On Monday Boris Johnson laid out the UK’s roadmap out of coronavirus lockdown which should see all restrictions removed by June 21. Britain has vaccinated a far higher proportion of its population than any EU member state making this possible.
Sterling reached $1.43 shortly after 2pm, before falling slightly to £1.41 at 4pm.
Under Mr Johnson’s roadmap shops and outdoors hospitality will be allowed to reopen on April 12.
From May 17 two different households will be allowed to meet in private homes with the rule of six applying in pubs and restaurants.
However this relies on targets for vaccination and coronavirus infection rate being achieved.
The Government is also monitoring in case any new Covid-19 variants prove vaccine-resistant.
Britain has already vaccinated 27 people per hundred versus an average of just 6 for EU members.
In 2020 UK GDP fell by a staggering 9.9 percent, the worst figure since the Great Frost of 1709.
However there are hopes the economy will bounce back swiftly when lockdown ends, as many households have accrued savings that could be released.
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Data released this week showed a dramatic fall in coronavirus hospitalisations for those who have been vaccinated.
Studies by Public Health England and Public Health Scotland found the chance of being hospitalised with Covid falls by 81 percent after receiving either the Oxford/AstraZeneca or Pfizer vaccine.
Professor Aziz Sheikh, the lead researcher, said this proves vaccines are working “spectacularly”.
He added: “These results are very encouraging and have given us great reasons to be optimistic for the future.”
More than 120,000 Britons have died within 28 days of receiving a positive coronavirus test, a higher figure than in any other European country.
On Monday Mr Johnson said his unlocking strategy is designed to be “cautious but irreversible”.
He added the coming spring and summer would be “seasons of hope, looking and feeling incomparably better for us all”.
This afternoon the Government confirmed another 326,792 people have been vaccinated in the past 24 hours.
Britain recorded 9,938 new coronavirus cases along with 442 deaths within 28 days of a positive Covid test.
Schools are due to fully return on March 8 having been open only for key workers children since the beginning of January.