Interest rates will remain on hold once more this week, but falling unemployment has renewed speculation that borrowing costs will rise sooner than the Bank of England predicted.
While ec onomists forecast rates to be held at 0.5% and no change on the £375 billion quantitative easing (QE) programme on Thursday, attentions are already turning to the Bank's upcoming November inflation report amid expectations for a revision to its unemployment forecasts due to the strength of Britain's recovery.
Under the Bank's forward guidance policy, it has pledged not to consider raising rates until unemployment falls to 7% - a threshold it said would not be reached until the end of 2016 in its August inflation report.
Financial markets have remained unconvinced and are pencilling in a rise in early 2015.
Alan Clarke, economist at Scotiabank, said the Bank may now be forced to shift its own forecast by as much as 18 months as the recovery gains traction.
This would be seen as a blow to Bank Governor Mark Carney's forward guidance, having sought to reassure households and businesses that rates will be on hold for at least three years.
The pace of UK growth picked up to 0.8% in the second quarter and the minutes of the Bank's October meeting revealed unemployment is falling and the economy growing faster than it previously expected.
Joblessness in the second half of the year looks set to be lower than was thought at the time the Bank published its forward guidance policy on rates, according to the minutes.
Latest jobs figures showed the unemployment rate at 7.7% and a fall in the number of those claiming jobseeker's allowance together with surveys of employers' intentions, suggested it would drop over the rest of the year.
Mr Clarke said it would only take the Bank to drop its unemployment forecast by 0.1% to bring the 7% threshold forward by more than a year.
He said: "It really isn't an extreme assumption for the Bank to nudge its 2015-2016 unemployment rate forecast down by just 0.1%."
"As such, it should validate market expectations that the first rate hike is delivered in 2015," he added.
But Howard Archer, chief UK and European economist at IHS Global Insight, said revisions would likely see the Bank's prediction brought forward to early 2016.
"The Bank of England will likely argue that there are still good reasons to expect unemployment to come down relatively slowly overall and it will likely not want to encourage any further bringing forward of market expectations of interest rate hikes," he said.
Mr Archer said QE was also likely to remain on hold for some time, with further money printing only likely if the recovery slips considerably or if there is significant market turmoil when the US Federal Reserve finally starts scaling back its own asset buying drive.
The Fed maintained its QE programme at full throttle last week, but the market fretted that comments in its statement suggested the door was left open to possible tapering in December or January.