Bank of England's (BoE) Monetary Policy Committee Member Kristin Forbes said in a speech on Friday that the BoE will start raising its interest rates "sooner rather than later" despite high volatility in financial markets.

She pointed out the risks to the U.K. economy are manageable as the direct effect to the U.K. economy from the slowdown in emerging economies is limited.

Fobes concluded that the U.K. economy will continue to expand.