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It's the emerging shoot of a Dahlia.

And it could end up anywhere between one and ten feet tall, depending on variety/species. You may need to stake it to keep it upright in windy situations.

Loves compost and regular water. Popular with bees. Flowers until the first good frost. No sweet scent. May scatter seeds. Will probably come back next year as it is perennial.

If you're in zone 9 you can leave them in the ground over winter. Zone 8 - mulch well in autumn and it 'should' come through the winter just fine.

When it goes dormant this winter I shouldn't have a problem digging it up and moving yet should I

If you do decide to excavate - expect to be moving anything from 12-18" across and down. The stems die back and become hollow pipes. You can cut them off a few inches above the clump.

Store in a frost free place in something like slightly damp sawdust so the tubers don't wither. If they do wither - it takes ages for them to get going the following year - up to weeks behind any left in the ground.

You may find, as the season progesses, that your Dahlia is too tall for your scheme or you don't like either its colour or form. In which case your decision is easily made: excavation and no return. ;-).