Policymakers have suggested a move may be imminent, but it is unclear whether the move will come tomorrow or in mid-December.
Hopley said it did feel very evenly balanced. “There are people on that committee who have never voted for a rate rise,” she added.
The market has priced in a rise to 1.25-1.5 per cent by 2023, she said.
Markets are uncertain about the timing, with analysts suggesting the vote is likely to be split. Some BoE policymakers, such as Governor Andrew Bailey and renowned hawk Michael Saunders, have hinted that they could back an immediate hike, while others have seemed more reluctant.
Hopley said this was still far away from the mortgage rates we were currently looking at. “A lot of people have been through university and their whole working lives and have never seen interest rates of one per cent, so the psychological impact of a rate rise is going to be interesting,” she said.