The Bank of England's (BoE) Monetary Policy Committee member Kirstin Forbes said before the Treasury Committee on Tuesday that the next central bank's move should be an interest rate hike.

"Given the state of the UK economy, a solid recovery, I still believe certainly the next move in interest rates will be up, we will not require loosening," she said.

"So this is something we are very much watching closely, movement is in the direction of a tightening labour market, building inflationary pressure, supporting the case at which we would need to be raising interest rates sooner rather than later," Forbes added.