By Jonathan Davies

The pound sterling has hit a seven-year high against the euro, the day after the European Central Bank started its quantitative easing (QE) programme.

Sterling rose 0.45% to €1.40 for the first time since December 2007.

City experts said the continued uncertainty over Greece's future in the eurozone pushed the pound higher.

Jeremy Cook, chief economist at the international payments company, World First, said: “Once again it is a classic combination of fears over a Greek exit from the Eurozone and pure weight of negative betting that is hammering the single currency.

“You would be hard-pressed to find a commentator that is bullish on the single currency at the moment as the ECB’s asset purchase plan and their negative deposit rates combine to dissuade investors from holding the euro."

It comes after the ECB launched its $60bn (£42.8bn) a month government bond-buying programme.