By Samuel Indyk LONDON (Reuters) -The British pound jumped to its highest level since May 5 on Tuesday as strong labour market data reinforced expectations that the Bank of England (BoE) will need to continue raising interest rates to fight high inflation. Britain’s unemployment rate fell to its lowest since 1974 in the first three months of this year, while total pay was up 7.0% on a year earlier, far exceeding economists’ average forecast of a 5.4% rise as companies resorted to bonuses to attract or keep staff. “Today’s release of stronger-than-expected UK wages data helped to offset some co…