Inflation report to give clues on the timing of BoE's first rate hike

The Inflation Report will give more colour on the MPC's next move, with an update on growth, unemployment rate and inflation projections. 

"Only minor changes are expected to the projections, but the Inflation Report and the Minutes will provide a crucial indication of the timing of the first rate hike", says Societe Generale. 

Indeed, in his Lincoln speech, the Bank of England Governor said that, "In my view, the decision as to when to start such a process of adjustment will likely come into sharper relief around the turn of this year."