BoE's Bailey says important not to cut rates 'too quickly or by too much'

LONDON (Reuters) -Bank of England Governor Andrew Bailey said it was important that interest rates were not lowered "too quickly or by too much" after the bank cut rates to 4% from 4.25% on Thursday following a narrow vote.

"It remains important that we do not cut bank rate too quickly or by too much," Bailey said at a press conference, adding that he expected higher inflation in recent months to be short-lived.

"There are good reasons to think that this rise in headline inflation will not persist."

(Reporting by William Schomberg, David Milliken and Suban Abdulla, writing by Sarah Young; editing by William James)