The Treasury and the Bank are betting on the euro, says MP Chris Leslie

The Bank of England has ploughed billions of the Treasury’s foreign currency reserves into euros since the Brexit referendum, in an apparent vote of confidence in the single currency.

Figures from the Bank — which manages stocks of foreign currency on behalf of the Treasury — show that Britain now holds more euros than dollars in its reserves, reversing the position of June 2016.

Campaigners for a fresh Brexit referendum seized on the numbers as evidence that the government was betting on the stability of the euro even as ministers push for a clean break with the EU.

Labour MP Chris Leslie, the former shadow chancellor and supporter of the People’s Vote campaign, said: “The Treasury and the Bank are betting on the euro as