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Bank of England (BoE) policymaker Kristin Forbes who is an external member of the BoE Monetary Policy Committee, said in a speech in Leeds that U.K may soon need a rate increase. Forbes said she was beginning to grow uncomfortable with the BoE's policy stance.
The BOE at its monetary policy meet last week kept its key interest rate unchanged at a record low 0.25 percent and in the statement that followed the Monetary Policy Committee said some policy makers have limited tolerance for inflation above their 2 percent target.
Forbes comments highlighted the differences among Bank of England officials about the outlook for interest rates. Last week's policy meeting minutes showed partial split among MPC members. Some policymakers had moved "a little closer" to their limits to tolerating high inflation to help support the economy.
"In my view, if the economy remains solid and the pick-up in the nominal data continues, this could soon suggest an increase in Bank Rate," Forbes said in a speech delivered on Wednesday in Leeds, northern England.
