Although the Bank pinned borrowing costs at 3.75% last month, Mr Pill is wary of what lies ahead with concerns that demand in the economy had been running ahead of the UK’s productive capacity.

When asked by BBC’s Walescast programme whether interest rates would need to increase over the next year, he admitted “the short answer is yes”.

His viewpoint should not come as a surprise as he was one of two members of the Bank’s nine-member Monetary Policy Committee (MPC) to vote for an increase in Bank Rate at its most recent meeting, where the majority opted to leave rates unchanged at 3.75%.

“I am concerned that we’ve been running the economy a little bit hotter than the supply side,” he said.

Inflation remains above the Bank’s 2% target, with the latest reading at 2.8%. Interest rates will once again come under the microscope at the end of the month when the committee’s next decision is due.