"There is a growing belief that the Bank of England will have little option but to hike rates at its next meeting. Throughout this year, Andrew Bailey has appeared determined to be in a position for the MPC to decide the pace of any monetary policy tightening according to its own agenda.

For that reason, Bailey has been at pains to talk down the threat of inflation and even now wants to make sure that a hike is absolutely necessary before he commits.

The Bank’s Chief Economist, who voted against a hike at the most recent meeting, spoke the other day of the burden of proof now being firmly on the shoulders of those who wish to wait and see.

Hugh Pill appears to want to take as much time as possible before making his mind up, although he does appear to be leaning towards a more hawkish stance.

Three of the independent members, Jonathan Haskell, Michael Saunders, and Silvana Tenreyro appear fairly clear in the view already. Saunders will vote for a hike. He has been in favour of tightening monetary policy for a considerable time, while Haskell spoke of the positives of a rate hike,

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