Leading economist Dr Andrew Sentance  told MPs he had concerns about some of the communications from the Bank of England and the MPC on the Bank Base Rate, which has not changed for 50 months.

He said: “They have not really attempted to alert the public and the business community that at some point we are going to have to move away from this period of low interest rates.

“They should gradually raise awareness. One, so it doesn’t come as a big surprise and two, so people can start planning for the future.”

Sentance was answering questions alongside fellow former MPC member Kate Barker.

Barker said those borrowing on floating mortgage rates should not think the rates would not go up: “Fortunately the specifications of the Mortgage Market Review are such that people will be given that advice when they take the loan out.”

The Help to Buy mortgage guarantee scheme could push up house prices, she suggested, but if the rise was small it might encourage a stuck housing market to move again.