(Reuters) – Bank of England Governor Andrew Bailey reiterated in an interview published on Wednesday that gradual cuts in interest rates are likely over the next year, adding that the process of falling inflation is well embedded.
“This sort of disinflation process is now well embedded,” Bailey told the Financial Times Global Boardroom event.
“There is still a distance to travel because although inflation came down to target over the summer, we’ve been saying for a while that… we were probably going to go back a bit above target.”
(Reporting by Andy Bruce, Suban Abdulla and William Schomberg, Editing by Sachin Ravikumar)
