BoE's Bailey says future rate cuts may exceed those currently priced in by markets

Bank of England Governor Andrew Bailey said future cuts to rates may need to be more than those which are currently priced in, in order to ensure inflation does not fall below target.

"It's likely that we will need to cut bank rates over the coming quarters and make monetary policy somewhat less restrictive over the forecast period - possibly more so than currently priced into market rates. This will be consistent with ensuring that inflation does not fall noticeably below target at the end point of the forecast," he told a press conference on Thursday.

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