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 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.

Andrew Bailey said it was unlikely interest rates would return to near zero as markets debate how far and how fast the Bank with cut.

Interest rates will head downwards gradually towards a "a neutral rate", Bank of England Governor Andrew Bailey said in an interview published on Tuesday. He said he was "very encouraged" by the downwards path of inflation.