The purpose of creating the Monetary Policy Committee was to ensure that the widest range of views possible were obtained to make rate changing decisions both considered and realistic.

Over the years that the MPC has been in operation, by and large, it has worked as expected and the balance of members has worked to ensure that monetary policy reflects its mandate.

The majority of the committee are made up of officials from the Bank of England; the Governor and his deputies, and the Chief Economist. Over the years, there has been a balance struck among the external members between hawks and doves.

The meeting being held this week will highlight those different ideals as monetary policy is approaching a level of neutrality that has not been in place for more than a decade as policy has been accommodative since the financial crisis.

Rates have remained at historically low levels, but now for a variety of reasons, some avoidable and some unavoidable, inflation is rising, and the economy is faltering.

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