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British pound soars above $2 level in European trading

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LONDON, April 17 (RIA Novosti) - The British pound climbed above the psychologically important $2 mark in London trading Tuesday, its highest level since September 1992.

As the U.S. economy slows, the British currency has continued to strengthen against the dollar after the release by the U.K. Office for National Statistics of high inflation data raised expectations of an interest rate hike by the Bank of England from the current 5.25% p.a.

While British consumer spending is robust, inflationary pressures remain high. An interest rate hike is expected to stem inflation.

According to U.K. inflation data, inflation accelerated to an annualized 3.1% in March, from 2.6% in February, the highest figure in the past 10 years.

The U.K. budget projects annual inflation at 2%.

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