Bank of England governor Mark Carney has moved to dampen expectations of a rate rise in May but warned that an increase is still on the horizon.
He said the MPC still has a large amount of data to pour over before they announce a decision on 10 May and added that the speed of any rise was subject to major decisions on Brexit.
After the comments, the markets reacted to the idea interest rate rises may not be an imminent as some thought with the pound falling against the dollar.
Carney told the BBC: “Prepare for a few interest rate rises over the next few years.
“I don’t want to get too focused on the precise timing, it is more about the general path.
“The biggest set of economic decisions over the course of the next few years are going to be taken in the Brexit negotiations and whatever deal we end up with.
“And then we will adjust to the impact of those decisions in order to keep the economy on a stable path.
“I am sure there will be some differences of view but it is a view we will take in early May, conscious that there are other meetings over the course of this year.”