The hub will first be accessible to small and medium manufacturers in Northern Ireland in the coming months, before going live for companies across the rest of the UK.
The British pound rallied significantly during the trading session on Tuesday to touch the 1.25 level and started to pull back. Because of this, the market looks as if it is trying to continue the overall downtrend.
LONDON (Reuters) -The British pound jumped to its highest level since May 5 on Tuesday as strong labour market data reinforced expectations that the Bank of England (BoE) will need to continue raising interest rates to fight high inflation. Britain's unemployment rate fell to its lowest since 1974 in the first three months of this year, while total pay was up 7.0% on a year earlier, far exceeding economists' average forecast of a 5.4% rise as companies resorted to bonuses to attract or keep staff. The BoE is closely watching the labour market, as it fears that higher-than-normal pay growth could see the current energy-driven surge in inflation become entrenched.