Interest rates must rise 'relatively soon', says Bank of England's Martin Weale

Continuing wage growth and inflation mean rate hike likely follow despite recent economic slowdown, according to Bank's monetary policy committee member

A Bank of England policymaker has said interest rates need to rise "relatively soon", adding to signs that support is gradually building for the first increase in British borrowing costs since before the financial crisis.

Martin Weale, one of the Bank's rate-setters, also said a rise would give the central bank scope to make cuts if the British economy runs into trouble in the future.

Related: Bank of England official raises prospects for early interest rate hike