Bean: Rate rise expectations reasonable

Speaking to Sky Bean said that a rate rise in the beginning of 2015 was likely and that the markets general predictions of rate rise trajectory also looked correct.

He said: "The market has rates going up to 2.5% over the next three years. That seems like broadly sensible judgement."

And bean was also question on where rates would settle and if they could reach pre-crisis levels of around 5%.

Bean said: “I wouldn't want to say it will be back there in 10 years, but I think it's plausible over the very long run... that these headwinds will abate."

Interest rates have now been held at the historic low of 0.5% for over 5-years. Bean is set to leave his role at the BoE in June.