The Bank of England (BoE) Deputy Governor Ben Broadbent said in a speech on Wednesday that the interest rate hike by the central bank depends on different factors.

"The MPC's headline forecasts are based on the assumption that interest rates follow the path priced into financial markets. That may or may not be the same thing as the true outside expectation of future rates. At times, the yield curve can move around for other reasons as well," he said.

"The MPC's inflation forecast is a far from perfect indicator of interest rates. It involves lots of conditioning assumptions, not just forward interest rates, and any of these can change," Broadbent added.

The BoE deputy governor pointed out that markets should not focus too much on the timing of the interest rate hike.

"When it comes to the so-called "lift-off" date for interest rates, is that the yield curve is currently very flat. As a result, even relatively moderate changes in forward rates, prompted by unexceptional news about the economy, can result in big shifts in the date at which the yield curve first reaches some particular level," he said.