Bank of England Governor Andrew Bailey suggested that interest-rate cuts are unlikely for the “foreseeable future” as he warned that the second half of the inflation battle will be “hard work.” He said in an interview with the Newcastle Chronicle newspaper published Monday that the recent step down in UK inflation is “very good news” but cautioned that it is unlikely to be repeated. “We do have to get it down to 2% and that’s why I have pushed back of late against assumptions that we’re talking about cutting interest rates or we will be cutting interest in anything like the foreseeable future ..

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