I know the easy solution would be to make the label a textbox with multiline but this does not solve the problem since I want to render anchor tags inside the text value. For example:

 <asp:Label ID='myLabel' runat="server" Text=" This is my label etc... go 
here  <a href='Destn.aspx'>Here</a> to update" />

This can't be done by using a textbox since a textbox will not display the anchor tag as a link instead it will display as plain text

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