BoE could raise interest rates as early as this year, says McCafferty

The Bank of England could hike interest rates within the end of the year, or six months later, Ian McCafferty, on of the bank's policymakers, said on Friday.

However, McCafferty added the hike in interest rates will be dependent on growth in wages and the economy as a whole.

"Financial markets still believe that an interest rate rise is unlikely until May or June next year, and economists suggest February or March," McCafferty was quoted as saying by Scottish newspaper The Courier.

"Either of those dates and the possibility of a late rise before the end of this year are critically going to be data dependent."

Late in 2014, McCafferty was among a minority of policymakers voting in favour of raising interest rates, while Threadneedle Street officials have unanimously voted to keep rates changed earlier this year.