By Jonathan Davies

An outgoing Bank of England policymaker has told the BBC that interest rates will rise "pretty soon".

Professor David Miles, who is leaving his role as a member of the Monetary Policy Committee (MPC) which sets interest rates, told BBC Newsnight that the time for higher rates is "coming".

In his last vote as part of the MPC, Professor Miles voted to keep interest rates at the record low of 0.5% for at least another month. Only one member of the nine-member MPC voted to raise rates.

"I don't think it's anything to worry about, it's a sign of health," Professor Miles said.

"Within the UK economy consumer confidence is strong, corporate confidence is pretty strong and the financial system is operating near normal now."

He added that he expects the "new normal" for interest rates to be between 2.5% and 3%.

Professor Miles' comments come just two days after fellow MPC member Kristin Forbes said keeping interest rates low for too long risks damaging the UK economy.

Based on economic data and comments made by MPC members, particularly Bank of England governor Mark Carney, most economist expect interest rates to be raised early in 2016.