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Miles expects to vote for rate hike by May

London - One of the Bank of England's most dovish policymakers, David Miles, has said that he expects to vote for a hike in interest rates by May, The Times of London reported on Tuesday.

Miles, who is currently in his second term as a member of the Monetary Policy Committee, signaled that he would vote for an increase before his term ends in 11 months' time, the British newspaper reported.

Bank of England Governor Mark Carney. Credit: Reuters

Miles also hinted that the minutes of this month's rate-setting meeting could show that the committee - which sets interest rates - was moving closer to ending five years of policy with rates at a record low 0.5 percent.

Miles - who has never voted to change interest rates in his time as member of the MPC - said the speed of the recovery had forced a change of mind. “Consistently, growth has come in stronger [than expected],” the newspaper quoted him as saying.

Bank of England Governor Mark Carney signaled last week that Britain could become the first major economy to tighten monetary policy since the 2008 financial crisis. Carney had said that the hike “...could happen sooner than markets currently expect”. - Reuters

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