Central bank’s governor warns consumers not to expect a return to near-zero rates

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The governor of the Bank of England, Andrew Bailey, has said he expects interest rates to fall gradually but warned consumers not to expect a return to near-zero levels.

Bailey said he was “very encouraged” by the downwards path of inflation and “therefore I do think the path for interest rates will be downwards, gradually”. Last week, the Bank kept borrowing costs on hold at 5%.