The shortcut key to open console in Sublime Text 2 does not work

UK Keyboard

Use Ctrl+' to open the console.

When Ctrl+` is pressed, Sublime Text does not receive anything. It is therefore impossible to use this key combination for anything.

When Ctrl+' is pressed, Sublime Text actually receives Ctrl+` instead.

Debuging Keyboard Shortcuts

To see what Sublime Text is receiving, enter sublime.log_input(True) at the console. Obviously change True to False to turn this off.

Other programs can receive the physical Ctrl+` combination so it would seem the issue is within Sublime Text.

Magic Keyboard - US English - Apple

The title itself causes this answer to show up in Google search results for any operating system. So even though the details ask about Windows 7, I am including picture of the shortcut to the Mac because it will save some people a lot of time.