Bank of England's (BoE) Monetary Policy Committee (MPC) Member Ian McCafferty said on Tuesday that the central bank should hike its interest rates to have room for interest rate cut in the event of a financial crisis.

He said that low global inflation pressures could lead to the uncertainty for the economic outlook.

"Over the longer term, a number of more structural risks and uncertainties raise questions about the long term performance of the UK economy," McCafferty said.

McCafferty was only one member who voted to hike interest rate by 0.25% last week.