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Sterling rises as UK wage growth adds to BoE inflation worries

LONDON (Reuters) -Sterling rose on Tuesday after data showed British basic wages grew at a record pace in the second quarter, adding to the Bank of England’s worries about inflation.

The pound was last 0.2% higher at $1.2711, after rising as much as 0.28% to $1.2720 following the data.

It was flat against the euro at 85.95 pence after briefly rising against the single currency to 86.00 pence.

Wages excluding bonuses were 7.8% higher than a year earlier in the three months to June, representing the highest annual growth rate since comparable records began in 2001, the Office for National Statistics said.

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