Bank of England (BOE) Market Director Paul Fisher said in an interview with the Daily Telegraph that the BOE will rise interest rates to a normalized position of 5.0 percent in the upcoming period while assuring that the bank will not be putting up rates so quickly, which could cause a negative reaction on markets.

The bank will tighten their policies when the time is appropriate and the economy is back to its long-term growth potentials, accordingly, Fisher suggests that an increase of 25 or 50 basis point will not lead recovery to weaken and send the economy to face a double-dip recession.