"We are likely to need some further tightening in policy but not an inexorable rise," Bank of England (BOE) Deputy Governor Ben Broadbent told the Parliament's Treasury Committee on Wednesday, as reported by Reuters.

"I do not think interest rates will get back to level when the Monetary Policy Committee started in 1997," Broadbent added. "The pandemic has not done anything to change my view about long-term factors pushing down on interest rates."

Market reaction

The GBP/USD pair showed no immediate reaction to these comments and was last seen rising 0.2% on the day at 1.3610.