LONDON, Feb 1 (Reuters) - Bank of England Governor Andrew Bailey said on Thursday that inflation was moving in the right direction.

"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," he said at a press conference, after the BoE held interest rates at their highest level in nearly 16 years. (Reporting by Andy Bruce Writing by Sarah Young; Editing by Kate Holton)