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Inflation in the U.K. unexpectedly fell in December, a move that will likely fuel pressure on the Bank of England to cut interest rates again next month

Inflation is set to rise to 3 percent in the spring, meaning the Bank of England is unlikely to cut interest rates in the near future, according to economists

Latest data from the Office for National Statistics ( ONS) showed regular earnings up 5.6% in the quarter, up from, 5.2% in the previous three months. In real terms, after taking inflation into account, that means regular pay growth rose 2.5%, the highest rate since the summer of 2001.

The Bank of England's Monetary Policy Committee (MPC) uses interest rates to put a brake on the nation's spending.

Markets are significantly underestimating the chance that the Bank of England will have to step up the pace of cutting interest rates.

The Bank of England will cut interest rates four times this year to support a flat-lining economy, economists polled by Reuters said, but they added that risks to inflation are to the upside, suggesting policymakers may end up doing less.

Alan Taylor, the most recently appointed member of the Bank's monetary policy committee (MPC) said the UK is 'in the last half mile on inflation' and called for a pre-emptive cut

The Bank of England looks set to resume cutting interest rates next month after official data revealed weaker inflation and anaemic economic growth.

Wage growth increased by 3.4% after taking into account inflation, driven by strong increases in the private sector.

Analysis: Milder inflation has brought hope that the Bank of England may lower interest rates, saving borrowers vast sums on loans and mortgages

The Bank of England should move quickly to bring down interest rates given signs of a slowdown in Britain's economy, Alan Taylor, the BoE's most recently appointed interest rate setter, said on Wednesday.