The Bank of England's (BoE) Monetary Policy Committee Member Kristin Forbes wrote in a column in The Telegraph that if the BoE wait too long before starting to raise interest rates, it will have a negative impact on the country's recovery.

"Interest rates will need to be increased well before inflation hits our 2 per cent target. Waiting too long would risk undermining the recovery, especially if interest rates then need to be increased faster than the gradual path which we expect," she wrote.