The pound hit its highest level since the Brexit vote

Theresa May has ordered military action in Syria as part of a co-ordinated attack

Among the G10 nations, the pound is the strongest growing currency this year, and now stands at $1.43, smashing a previous peak seen in January.

Real earnings started shrinking a year ago, when inflation overtook pay rises after sterling crashed, but the trend finally reversed in the three months to February.

"We think that the MPC will judge that the upside news on pay growth and inflation cancels out the recent soft activity data - particularly since the latter has been distorted by a number of temporary factors of late".

Sterling pared back earlier gains and sank to a fractional loss against its developed world rivals in response to the report Tuesday. With unemployment at its lowest level since the 1970s, employers have begun raising pay for staff more quickly, though by less than increases of about 4 percent a year before the financial crisis.

Senior ONS statistician Matt Hughes said: "The labour market continues to be strong, and for the first time in nearly a year, earnings have grown slightly after inflation has been taken into account".

If the pound ends the day higher, it will have made gains against the dollar for seven consecutive trading days.

LONDON - The British pound climbed to its highest level against the dollar since Britain voted to leave the European Union nearly two years ago on Tuesday.

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Sterling was flat against the euro.

He said that renewed risk appetite and continued dollar weakness had helped to keep the pound strong despite weaker-than-expected economic data this month.

Consumer prices rose by 2.7 per cent in the year to February, after peaking at an annual rate of 3.1 per cent in November. The BoE follows the CPI as its target for inflation.

Wages rose by 2.8 percent, unchanged from the three months to January and weaker than a median forecast of 3.0 percent in a Reuters poll of economists. The next reading is due on Wednesday 18, April. What is clear however, is that a failure to raise rates in May will be bad for Pound Sterling.

Tuesday's wage data adds fuel to the argument that the Bank of England will likely increase interest rates at the next meeting of its Monetary Policy Committee in the first week of May.

At 1.1585, Sterling remains 13% lower against the Euro than it was on the morning of the Brexit referendum while the Pound-to-Dollar rate is only 1.1% below the 1.45 level it was at before the result became known.

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