Bailey speaks after Bank of England holds rates at 5.25%

LONDON (Reuters) - Governor Andrew Bailey and other top Bank of England officials spoke to reporters after the British central bank held its key interest rate at 5.25% on Thursday.

Below are quotes from Bailey and other members of the Monetary Policy Committee at their press conference.

BOE GOVERNOR BAILEY

"We've had some good news over the past few months. Inflation has fallen a long way from 10% a year ago to 4% now. Things are moving in the right direction."

"We have to be more confident that inflation will fall all the way back to the 2% target and stay there, and we're not yet at a point where we can lower interest rates."

"The level of bank rate remains appropriate. Any decision to change bank rate will depend on how the evidence evolves ... we must get inflation back to the 2% target sustainably and we will do that."

(Compiled by UK bureau)