LONDON (AP) — The Bank of England dampened expectations Wednesday that interest rates in the U.K. will be raised imminently as Governor Mark Carney said the country’s economy has only begun heading back to normal.

While unveiling the bank’s quarterly economic projections Wednesday, Carney was cautious, noting that despite positive news — including a drop in the unemployment rate to its lowest level in five years — progress must be made in closing the level of spare capacity in the economy. The British economy is still smaller than it was in 2008 following a deep recession brought on by the global financial crisis.