Theresa May's key Brexit speech in Florence has failed to inspire sterling this afternoon with the choppy pound drifting lower on the currency markets and sentiment split on the markets by an appearance notably light on detail.

Mrs May said that the UK will honour its financial commitments to the EU and is seeking a two-year transition period. She also reiterated the Government's stance that the UK will be leaving the single market and customs union but didn't mention the €20bn divorce offer referenced in press reports.

Sterling dived as Mrs May spoke before rebounding and then beginning its descent once again, finishing the day 0.7pc lower against the euro and 0.4pc down against the dollar.

IG's chief market analyst Chris Beauchamp believes the speech was big on rhetoric but small on market-moving details.

He said: