â??Weâ??re putting a 30% chance on a May rate hike (by the Bank of England), but we think August is a more likely call,â? Peter Westaway, chief economist Europe at Nomura, told CNBC. â??The Bank of England canâ??t do anything about the inflation rate todayâ?¦ so they have to anticipate more whether the growth is going to come through,â? he added.