Four interest rate cuts are not a dream! Bank of England Governor reveals next year's interest rate path plan. Bank of England Governor Andrew Bailey said that the bank's policy makers still believe that four interest rate cuts (each by 25 basis points) next year are the most likely scenario. Two weeks ago, data released by the UK Office for National Statistics showed that the inflation rate in October was 2.3%, a significant rebound from 1.7% in September and higher than the central bank's expectation of 2%. However, compared to the peak of 11.1% at the end of 2022, the central bank has made significant progress in controlling inflation.