Writing for The Times, Ian McCafferty, an external member of the MPC, said he voted for a base rate increase in the August and September MPC meetings to effect a gradual rise of rates rather than a sharp jump.
He said: “By not delaying, we increase the likelihood of being able to normalise monetary policy only very gradually, thus minimising the potential shock.
“Starting this process in good time gives the best opportunity of achieving it in a gradual fashion, and thus sustaining the long-awaited and welcome recovery under way.”
In his article, McCafferty said there were uncertainties around the UK economic outlook influenced by slower growth in China and countries which export commodities but the impact should not be overstated as growth in the United States and the eurozone was improving.
McCafferty voted for a quarter per cent rise of base rate to 0.75%. Mark Carney said that he expected interest rates to rise at the start of the year while the markets are looking to the latter half of 2016.
MPC member David Miles raised the case for an imminent rate increase in August, despite deciding to vote against a rise, stating that a gradual step up in rates over a longer period would be more manageable for homeowners.
A survey carried out by the Building Societies Association found that over 50% of homeowners feared they would struggle to keep up with repayments if rates began to rise.
