The Bank of England's (BoE) Monetary Policy Committee member Kristin Forbes said in a speech on Monday that wage growth is not strong enough to start raising interest rates.

"Labour costs are not yet at the levels consistent with inflation meeting the 2% target sustainably in the UK," she said.

"I would like to see a bit more upward movement in these wage and cost measures to build confidence that the normal chain of tight labour markets feeding through into higher wages is still intact," Forbes added.