The Financial Times asked economists the following: How far will the Bank of England raise interest rates next year? Do you think they should? PRIME economists responded in this way:
We think much will depend on the Federal Reserve and the ECB. The BoE will follow both, but will have time to assess the impact of global tightening. We do not think that rate rises would be wise at a time of weak demand, low productivity and heavy corporate and consumer indebtedness. Thanks to austerity, neither the British nor the global economy is strong or stable enough to survive further rate rises.
For more read the FT here: https://www.ft.com/content/2f2354a8-ebe5-11e7-bd17-521324c81e23