"We have to recognize that (zero interest rates are) a possibility," the bank's deputy governor, Charlie Bean, said.
"The bank rate is still at 2 percent, so we have some margin to go yet, but of course we may find ourselves getting them all the way to near zero," he said, the Telegraph reported Friday.
A cut to near zero would match steps made in the United States, where the Federal Reserve set its lending rate to a range between zero and 0.25 percent Tuesday.
The value of British currency is rising as a concern. The pound fell 23 percent against "a basket of other currencies," the Telegraph reported.
"A weak currency arises from a weak economy which in turn is the result of a weak government," Shadow Chancellor George Osborne said, borrowing a phrase used by Prime Minister Gordon Brown in 1992.
Osborne said the decline in the pound was "the verdict of the international markets on this government's economic record."
Celebrity Families of 2014 [PHOTOS]