I changed the encoding as directed on the PHP documentation provided by Leif to LATIN1 instead of the UTF-8. This resolved the issue and the records with £ and é inserted into the database without complaint.
On 2013-05-15 00:31, Chris Angelico wrote: > Which, in UTF-8, is represented by the byte sequence C2 A3. (The > latter would be represented as EC 8A A3.)