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.

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.

Bank of England Governor Andrew Bailey said on Thursday he was "optimistic" that inflation pressures would ease sufficiently for the central bank to cut rates further, but declined to be drawn on timing.

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.