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According to data released by the Office for National Statistics (ONS) on Tuesday (17 October), inflation as measured by the Consumer Price Index (CPI) rose 3% year-on-year last month, compared with the 2.9% growth recorded in September and in line with analysts' expectations.

However, while higher interest rates would come as a boost to the pound, they could spell troubles for borrowers at a time when consumer credit, which covers personal loans, credit cards and borrowing for cars, is rising at just under 10% a year.

Britain's inflation rate hit 3 percent in September, above the BoE's 2 percent target, data published on Tuesday showed.

New Bank of England Deputy Governor Dave Ramsden said on Tuesday he was in no hurry to vote for an interest rate hike because he saw little sign of inflation pressure building in Britain's labour market.

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The pair were speaking to the Treasury Select Committee. She said she might vote for a rate rise as "we are approaching a tipping point" but said she was watching the economic data closely as "rasising rates too soon would be a costly mistake". Carney has previously said he is part of that majority.

'There has been much talk of a rate hike later this year by the Bank of England, but with so many areas of weakness in the economy, and high levels of indebtedness, a rate rise could be a step too far for the Bank of England, at least until there is more clarity on Brexit, ' he said.

"I will probably have to write a letter to finance Minister Philip Hammond on behalf of Monetary policy board", said Carney, who evaluates appearance of inflation. "We expect that inflation will peak in and around the October figure, October-November figures, peaking potentially above the 3% level". Inflationary pressures have been mounting since the European Union referendum result in 2016 collapsed the value of the British pound, resulting in more expensive imports. When inflation rises, it's more likely the central bank will raise interest rates to help slow the pace of inflation.

"The overall tone from the testimony supports our view of a rate hike in November", said Barclays after mulling the Q&A session.