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.

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.

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.