Michael Saunders, the most recent appointee to the Bank of England’s interest rate setting committee, is to warn that the Bank’s forecasts of weak growth next year are likely to be wrong and the economy could recover strongly from the dip after the Brexit vote.

Speaking to business leaders in Manchester on Wednesday, the former investment banker will say the economy was more resilient than many economists believed, including officials at the bank, and may grow at an accelerated pace in 2017.

But he is to hint that he is unlikely to vote for a rate rise in the next few months following his assessment of the labour market, which showed the bank’s forecasts of strong wage rises in 2017 and 2018 were optimistic.

He will say employers are in a position to use Britain’s flexible employment laws to keep wages in check, even when unemployment fell well below the 5% level Threadneedle Street has agreed should trigger higher wage claims.

“My policy vote will probably depend on which of these factors is dominating,” he will say.

Saunders voted to keep interest rates unchanged at a record low 0.25% last month, at his first monetary policy committee meeting since joining the Bank from the US banking group Citi, where he was the chief UK economist.

Britain’s economy will likely “not be too bad” in the year ahead, barring a sharp rise in global or Brexit-related uncertainty, according to the text of his speech released on Tuesday.

The comments echo those of fellow policymaker Kristin Forbes, who said recently that business surveys indicated the economy has fared better than feared after June’s EU referendum.

After its policy meeting in early September, the Bank said most officials expected to cut rates again this year if growth looked on track to slow broadly as forecast in August.

Saunders will emphasise that the Bank has plenty of ammunition left in its arsenal if the economy fares worse – or better – than it expects in future.

He is to say interest rates could start to rise as early as next year if the economy proves resilient, taking to task economists who believe lacklustre global trade growth, flexible labour markets and persistently low business investment will limit the scope for rate rises.

Saunders will also say a reversal in the UK’s fortunes, provoking a slump in GDP growth, could be countered with an expansion of the Bank’s quantitative easing programme and a further cut in the base rate to zero.

The Bank has substantial scope for further stimulus through asset purchases if required, he will say.