Bank of England Governor Andrew Bailey signaled that policymakers still believe four quarter-point interest rate cuts next year is the most likely scenario as he said inflation has come down “faster than we thought it would.

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.

Bank of England Governor Andrew Bailey on Wednesday signaled that the U.K. could be on track for four interest rate cuts over the next year, if inflation continues on a downward path. Speaking in a pre-recorded interview that aired at the Financial Times's virtual The Global Boardroom event,