An early interest rate hike is needed as the spare capacity in Britain's economy had been used up quite rapidly, Bank of England Monetary Policy Committee member Ian McCafferty said in a column published in The Sunday Times.
"By the middle of next year the remaining level of slack is likely to be small - if any remains at all," McCafferty said.
McCafferty and Martin Weale sought a quarter point rate hike at each monetary policy meeting since August.
"Starting to raise Bank Rate now makes it more likely that the increase required over coming years to deliver our inflation target can be kept gradual and limited," he said.
Inflation fell to a five-year low of 1.2 percent in September from 1.5 percent in August. The decline inflation largely reflects lower commodity prices and sterling appreciation, McCafferty said.
He said the MPC need to look through their impact, at least partly.
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