Pound set for best day since 2008 post Brexit speech

London - The pound climbed against the dollar, set for its biggest advance since the global financial crisis, as Prime Minister Theresa May said UK lawmakers will get a vote on the final deal for an exit from the trading bloc.

The currency strengthened the most since October 2008 as May made the announcement in a speech laying out the government’s Brexit strategy, which involves pulling out of the European Union’s single market.

Sterling is rebounding from Monday’s biggest decline in a month that reported the main substance of May’s speech without the additional detail on the parliamentary vote.

"The fact that the UK Prime Minister Theresa May will put a final Brexit deal to vote in both Houses of Parliament is positive for sterling," Athanasios Vamvakidis, a London-based strategist at BofAML, said in e-mailed comments.

"In order for the parliament to approve it the deal has to be good."

The pound climbed 2.5% to $1.2347 as of 12:50 in London. The currency fell to as low as $1.1986 on Monday.