26.02.201802:39:00UTC+00BoE's Ramsden Says Rates To Rise Faster: Report

The UK interest rate is likely to rise somewhat sooner rather than later, Bank of England Deputy Governor Dave Ramsden said in an interview with the Sunday Times.

An acceleration in wage growth indicates faster rate hikes are needed. Ramsden said he will keep a close eye on what happens through the early part of this year to see if a forecast of wage growth picking up to 3 percent is realized.

"But certainly relative to where I was, I see the case for rates rising somewhat sooner rather than somewhat later," he told Sunday Times.

Ramsden was one of the policymaker who voted against a rate hike last November. It was the first interest rate increase in a decade.