The Bank of England faces “one of the trickiest sets of policy challenges” among major central banks, El-Erian warns.

“While there is little doubt that the BOE will increase interest rates on Thursday, there will be lots of views on the size of the hike and the policy guidance for what follows — as standalone, and in combination,” Mohamed El-Erian, the chairman of Gramercy Funds and a Bloomberg Opinion columnist, said in a tweet on Monday.

The BOE’s Monetary Policy Committee is due to reveal its rate decision on Thursday. The median estimate in a Bloomberg survey is for a quarter-point increase to 4.75%, the highest since 2008.