Governor Mark Carney is now set to raise warnings that the decade of cheap money from low rates since the financial crisis has a limited course to run, according to reports.
Bank of England policymakers think the stable economy coupled with rising inflation mean interest rates will soon need to rise, bumping up bills for homes across the country.
But markets, businesses and consumers do not appear to be planning for the increased credit costs.
The base rate has been sitting at 0.25 per cent since last August.
And if growth continues in line with policymaker forecasts, it will be hiked in the coming months, the Bank said last month.
Yet markets are carrying popular opinion that a rate rise is still some way off.
Now it is feared a shock could be looming for those who are not taking policymakers seriously.
After the Bank’s Monetary Policy Committee (MPC) meeting last month, Mr Carney said the assumption of interest rate rises is insufficient to control projected inflation.
And policymakers have also reiterated warnings that tolerance is limited for price rises above the Bank’s target of two per cent.
The latest inflation figures are expected to come in at 2.8 per cent.
But unless more Bank of England MPC members call for a rate rise, the immediate threat of a rate hike will continues to be brushed off, according to analysts.
At the last meeting, two members voted for a rise.
Now all eyes will be on the actions of the nine members after the conclusion of the next meeting on Thursday.
Samuel Tombs, chief UK economist at Pantheon, said: “The scope for a surprise vote switch is slightly higher than usual this month, because most MPC members were quiet over the August lull.”
But added: “We expect a seven-two split vote to keep interest rates on hold, with Ian McCafferty and Michael Saunders maintaining their votes for a 25bp hike.”