The Bank of England's (BoE) Monetary Policy Committee (MPC) member Martin Weale said in a speech on Tuesday that the central bank will likely hike its interest rate than lower it over the next two years.

"It is appreciably more likely that monetary tightening rather than monetary easing will be needed in the United Kingdom over the next two years," he said.

Weale pointed out that the BoE could buy more assets if there is need for more monetary policy easing.

"Should the need for further easing arise because of a sharp weakening in the outlook for inflation, the scope for further asset purchases is substantial, while the obstacles we saw to reducing Bank Rate below 0.5 per cent are no longer material," MPC member said.

He also said that negative interest rates could lead to a currency war (competitive exchange rate devaluations).