Wait and see before hiking interest rates, Bank of England rate-setters say

Catherine Mann and Silvana Tenreyro speak out against early rate rise amid surging gas prices and materials shortage

Two of the Bank of England's nine-strong monetary policy committee have said they prefer to wait and see how surging gas prices and shortages of raw materials affect inflation before voting for a rise in borrowing costs.

In a message that will be seen as a swipe at more hawkish members of the monetary policy committee (MPC), who have signalled a willingness to raise borrowing costs, the economists said the recovery still remained uncertain.