Monetary Policy Committee, MPC member David Miles has reiterated his 'dovish' stance on UK's rates in a speech published Thursday.

The Bank of England held interest rates last week and David is one of the majority of members on the MPC that is in favour of holding rates at their long-term thirteen month low of 0.5 pct.

His views stem from the fact that a large number of mortgage owners could be in danger of repossession from higher interest rates, whilst tightening finances would risk the recovery anyway.

The bi-annual 'Financial Stability' report from the BoE emphasised the same thing - however - with inflation growing seemingly more and more uncontrolled, some speculators have suggested that the mood is changing - although not for David who still strongly favours holding:

"I look forward to the day when it will be appropriate to tighten monetary policy since a return to more normal levels of interest rate would be a welcome sign that economic conditions were also more normal. But I do not think that is where we are today." He said.

"We face the problem of balancing risk: risk that inflation above target lasts long enough to become ingrained in expectations and affect behaviour so it is hard to bring down, versus risk that the recovery in output becomes weaker then disappears." He added.

A survey of economists found that RBS are expecting a near-term increment in rates whilst most others are not.

Ross Walker, a leading economist from RBS says that a current underlying theme of 'price stickiness' in CPI inflation is worrying him.

"Clearly it's not falling as much as we'd hoped." He said.

Bank of England