Bank of England chief economist poised to vote for interest rate hike this year

Assuming that the dust does settle and the economy keeps growing, he expects to vote for a rate rise this year.

“Provided the data are still on track, I do think that beginning the process of withdrawing some of the incremental stimulus provided last August would be prudent moving into the second half of the year,” he said.

“Far from being a cause for concern, starting the process of withdrawing some monetary policy insurance should serve as a signal of the MPC’s confidence in the UK economy’s resilience and in inflation returning sustainably to its 2pc target.”

Even if Mr Haldane does vote for a rate rise, it is not certain that the rest of the MPC will join him.

Kristin Forbes, one of the three who voted for a hike this month, is leaving the Bank and her replacement, Silvana Tenreyro, might not maintain Ms Forbes’ hawkish stance.

Mr Haldane was once considered to be a ‘dove’ on rates and was worried that hiking too soon would damage the economy.

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