Bank of England Governor Andrew Bailey said interest rates were unlikely to fall back to ultra-low levels in the UK without another bout of economic crises on the scale of the financial crisis and the pandemic.

With inflationary pressures easing, rate-setters cut rates for the first time since the pandemic in August. However, they subsequently voted 8-1 to keep rates steady last week.

Bank of England governor Andrew Bailey does not expect to see a return to ultra-low interest rates -- but forecasts they will fall “gradually” from now on. Bailey has given an interview, published today,

The Bank of England should be able to lower interest rates gradually as it gains confidence that inflation will remain close to its 2% target, Governor Andrew Bailey said in an interview published on Tuesday.

The Bank of England is likely to continue to cut its key interest rate, but is not in a rush to do so, Governor Andrew Bailey said in an interview published Tuesday.