Below are some of the key highlight from external BOE MPC Member Ian McCafferty's scheduled speech about monetary policy at the Official Monetary and Financial Institutions Forum, in London.

   •  BOE shouldn't dally on interest rate increase.
   •  Waiting too long to hike creates a bigger shock.
   •  BOE should head off criticism of QE.
   •  Public distrust of QE, if unaddressed, could limit BOE's scope for policy action.
   •  Likely that recent downtrend in inflation will slow over the course of the year.