Bank of England's Bailey stated on Wednesday that if the UK economic outlook is confirmed, the Bank of England expects to cut interest rates four times next year. He welcomes the recent decline in inflation, noting that the speed of the decline has exceeded policymakers' expectations from a year ago. Bailey said: 'We always release data based on forecasts of market interest rates, so as you said, this is actually the market's view.' He added: 'We have been exploring some potential paths for the future, some of which are better than others.' The UK inflation rate has fallen far below the peak of 11.1% at the end of 2022, with a 2.3% increase in prices in October, above the official target of 2%. Bailey stated that despite the possibility of various inflation scenarios, the core forecast in the latest monetary policy report suggests that it will seek a gradual rate cut. As the Bank of England Governor made the above remarks, the OECD predicted that due to the UK's economic growth and inflation outlook, the Bank of England will not be able to cut interest rates as significantly as the Federal Reserve and the European Central Bank.