Business Live: Sterling soars - BBC News
The Bank of England's hint about a looming rate rise is good news for the pound, but sends the FTSE 100 lower.
The tax authority said a single operation for carrying out border and tax checks could cost the taxpayer up to £800m as it warned that 5,000 extra staff may be needed to cope with Brexit.

HM Revenue and Customs told MPs it is looking into creating a Singapore-style system that could make trade simpler for businesses by allowing them to get their tax and border assessments done in one place.

Chief executive Jon Thompson said he is investigating the "business case" and had hired the team that delivered the Singapore project, but said the Treasury would have to stump up between £500m and £800m to get it off the ground.

He told the Treasury Select Committee it was "conceptionally possible" for the Government to bring together 26 different organisations into a "single window" where businesses could do their border checks in one go.

However, Mr Thompson added: "We need to be transparent with you - that is a mega project. You need to be thinking about that as a project that costs somewhere between £500m to £800m. It would take five to seven years to implement. We have been asked to look at whether there is a business case for that because there would be a noticeable change to GDP in my opinion. It would make it much smoother to import and export if you only had to go to one place instead of multiple different Government departments."