Bank of England (BoE) Deputy Governor Minouche Shafik said in a speech on Monday that wages should grow faster before the central bank will start raising its interest rate.

"I will wait until I am convinced that wage growth will be sustained at a level consistent with inflation returning to target before voting for an increase in Bank Rate," she said.

Shafik added that interest rate could rise faster than expected by markets once the BoE starts raising its interest rate.

"I can see Bank Rate rising more quickly than the path implied by the market curve at the time of the last Inflation Report," the BoE deputy governor noted.