Andrew Bailey, Governor of the Bank of England, said inflation has fallen “faster than we expected” but still warned that more progress would be needed on services inflation. Speaking at a meeting of Institute of International Finance in Washington,

The possibility of a base rate cut on 7 November seems more likely following the governor’s comments that inflation was falling fast.

Bank of England interest rate-setter Catherine Mann welcomed a recent fall in inflation in Britain but said the cooling of price growth still had "a long way to go" for the central bank to hit its 2% inflation target over the medium term.

Rolling coverage of the latest economic and financial news, as governor Andrew Bailey says disinflation is happening faster than expected

Bank of England Governor Andrew Bailey said disinflation in the UK is happening faster than officials had anticipated, the latest hint that the central bank will continue cutting interest rates next month.

The U.K. still can’t depend on sustained lower inflation, Bank of England Gov. Andrew Bailey said Wednesday.