Simon Ward, Henderson's chief economist, is the only one of 67 forecasters polled by Reuters who predicts that the Monetary Policy Committee have voted for a rise in interest rates from 0.5 per cent to 0.75 per cent.

In 2007 he was among only 50 economists who correctly predicted that the Bank of England would raise interest rates from 5 per cent to 5.25 per cent.

Many speculators believe a rise in interest rates would be bad for the economy since it could hinder recovery through reducing export competition. However, it is also argued that the high rate of 4 per cent inflation needs to be offset to reinstill consumer confidence, which could encourage growth.