While opinion polls suggest overall public backing for the stay-at-home policy, concerns are mounting about the impact on the economy and on mental health.
The pound rallied on the update, which included news that the BoE held its main interest rate at a record-low 0.1 percent.
Finance minister Rishi Sunak is due to deliver his spending plans at 1130 GMT, having already flagged £3 billion of green investment.
In Europe, investors were underwhelmed by the Bank of England's latest monetary policy decisions, which undermined the pound and London stocks.
The British central bank has been at the forefront of economic fire-fighting over this year's deadly COVID-19 emergency.
Britain's economy shrank in the first quarter at the fastest pace since the global financial crisis as the country went into coronavirus lockdown.
The nation's second-quarter contraction is meanwhile expected to be far steeper than the first.
Johnson will address the nation on Sunday evening to set out a "roadmap" for relaxing social distancing rules announced in late March.
Britain is banking on contact tracing, including via a smartphone app, to monitor transmission rates to prevent a second wave of infection.
He thanked the British people for heeding more than a month of stay-at-home orders.
Britain's nationwide lockdown was imposed on March 23, to halt the spread of the pandemic, but a new survey paints a devastating picture of the impact.
The government has also promised to ramp up testing of the virus, from 5,000 to 10,000 per day "by next week".
Bailey steps up from his role as head of the UK's financial regulator where he faced strong criticism over his role overseeing investment scandals in Britain.
On eve of Brexit, there is a strong possibility that the Bank of England will later Thursday announce its first interest rate cut in more than three years.
BoE governor, Mark Carney will handover on January 31 after six years in the role.
British Prime Minister Boris Johnson wants to embrace Brexit and kick-start growth in Britain's stalling economy.
Leaving the European Union without a divorce deal could plunge Britain into its deepest recession in nearly a century, the Bank of England warned Wednesday.
Financial and trade connections with the rest of the world will help Britain's economy stay strong, according to Philip Hammond and Mark Carney.
Slowdown had been expected in light of winter weather but the scale of the decline was a surprise and prompted a sharp fall in the value of the pound
The Office for National Statistics says that average weekly earnings in the three months to February rose 2.8 percent
The BoE chief said it is time for cryptocurrencies to meet the same level of regulation as the rest of the financial system.
BoE Deputy Governor Ben Broadbent calms frayed nerves following a volatile week on the stock markets.
