BoE governor says public should prepare for rate rise even though it is only a 'possibility'

He said that although preparation was key, the BoE would not then go ahead with a raise unless it was deemed appropriate.

"If we think there is a prospect, a possibility – that's a possibility not a certainty – of rate rises, then that is far, far better to let the British people know so they can prepare," he told the Mail on Sunday.

"If events mean that does not happen and rate rises are not appropriate, then we will do the right thing and we will not adjust rates."

Interest rates have been maintained at a record low of 0.5% since 2009, with Carney voting to keep the rates unchanged at every meeting of the BoE's Monetary Policy Committee (MPC) meeting since his appointment more than two years ago.

The BoE requires all members of the MPC to vote in favour of a raise for the increase to occur.

Any rise would be "gentle", Carney added.

"There’s no certainty that it will happen, but it’s better if households expect it and are prepared for it."

Markets currently anticipate that the next rate rise will not occur until April 2017.