Britain’s exporters are benefiting from an economic “sweet spot” because the pound is weak and there has not been any disruption from Brexit - but companies have also been warned that it might not last for long.

Sterling fell after the referendum in June, pushing up the profits of companies selling goods and services overseas.

“The result is something of a sweet spot for exporters. Sterling fell sharply after the referendum and, despite the strength of consumption since then, has remained close to record lows,” said Bank of England deputy Governor Ben Broadbent, in a speech at Imperial College London.

“But the UK’s trading rules are for the time being unchanged. The result is that the costs and ease of exporting are unchanged but the returns to it significantly higher. With the world economy looking better than for some time the circumstances for the tradable sector could hardly be more propitious.”