There can rarely have been a more complicated time to set interest rates for the U.K. economy.

While high inflation, low unemployment and stable growth would usually prompt the Bank of England to raise interest rates again soon, concerns over Brexit are likely to stay the hand of its Monetary Policy Committee, whose decision is due Thursday.

Samuel Tombs, chief U.K. economist at Pantheon Macroeconomics, says: "uncertainty over how Brexit talks will pan out means that the MPC won't want to make a strong commitment regarding the timing of the next rate hike."