The Bank of England chief states that cutting rates prior to a UK election would not be a problem.

• Politicians often target central banks with their rhetoric during election cycles when citizens are facing economic difficulties or high living costs.
• Lawmakers frequently advocated for more relaxed policies in order to boost the economy and increase people's financial security, hoping it would sway their voting decisions.
• Opposition politicians would undoubtedly protest strongly if a favorable rate move occurs beforehand.

Bank of England Governor Andrew Bailey on Thursday stated that his institution hasn't received any political pressure and that a rate cut before a general election is a possibility.

Politicians often use central banks as a target for their rhetoric, especially during election cycles when citizens are facing economic difficulties. Incumbents may call for looser policy to stimulate the economy and improve voters' financial situation, while opposition politicians may strongly protest if a favorable rate move occurs before the election.

Despite holding steady on Thursday, the Bank of England, which gained independence in 1998 and faces elections before the year's end, is preparing for its first rate cut since 2020.

Bailey stated to CNBC's Steve Sedgwick that if evidence and deliberation lead to the conclusion of a rate cut, it is their duty to proceed with it, regardless of the timing before an election.

The Bank of England kept interest rates unchanged on Thursday and stated that monetary policy was successfully controlling inflation. However, the bank cautioned that a June rate reduction was not definitive and could be postponed until the fall, around the time of the general election.

The BOE's Monetary Policy Committee voted 7-2 to maintain rates at their current levels, with two members favoring a cut. In the previous meeting, only one member voted to reduce rates. As a result, the BOE's key bank rate remains at 5.25%.

Bailey assured CNBC that it is our duty in our job to make decisions at all times, as that is within our remit.

"Central bank independence in many countries, including the U.K., allows for longer-term judgements and independence from other cycles, such as an electoral cycle, which is crucial."

— CNBC's Jenni Reid contributed to this article.