The inflation report forecasts a modest upgrade in growth from its November report, up to 1.8 percent increase in GDP growth this year and 1.7 percent next year.

But the British economy was structurally reassessed in the report, and found wanting in productivity, which it is forecast will now provide an upper limit to growth.

Archer said: "Following a reassessment of the supply side of the economy which included lowering its estimate of the equilibrium unemployment rate from 4.5 percent to 4.25 percent, the Bank of England believes that the UK only has a capacity to grow by 1.5 percent annually over the forecast horizon period."

He added: "This means that growth in demand is expected to exceed that of supply over 2018-2020 with the result that 'a small margin of excess demand emerges by early 2020 and builds thereafter,' generating persistent upward pressure on inflation."

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