Bank of England (BoE) Deputy Governor Jon Cunliffe said on Wednesday that the U.K. economy recovered slowly, noting that "there are deeper structural factors at work".

He pointed out that he expected the U.K. economy to continue to expand solidly and inflation to reach 2% target "over the next few years".

Cunliffe noted that the central bank was ready to act if needed.

"We have a range of tools at our disposal and should be ready to use them whichever risk materialises," he said.