Markit's and the Chartered Institute of Purchasing & Supply's released its services purchasing managers' index (PMI) for the U.K. on Wednesday. The index decreased to 56.7 in February from 57.2 in January, missing expectations for a rise to 57.6.

The chief economist at Markit Chris Williamson noted that "the combination of relatively robust economic growth, the improving labour market and signs that wage growth will pick up in coming months" might lead that the Bank of England will start to hike its interest rate later this year.

Williamson pointed out that Markit expects the first interest rate hike by the Bank of England in February 2016.