The Bank of England's (BoE) Monetary Policy Committee member Gertjan Vlieghe said in a speech on Monday that he would wait until the economic growth was stabilising and inflation was rising before backing an interest rate hike.

"The recent evolution of the UK data has been one of growth that is still solid, but has been slowing. Inflation pressures remain muted across a wide range of indicators, despite low levels of unemployment. In order to be confident enough of the medium-term inflation outlook to raise Bank Rate, I would like to see evidence that growth is not slowing further, and that a broad range of indicators related to inflation are generally on an upward trajectory from their current low levels," he said.

Vlieghe added that interest rate will remain "significantly lower than in the past".