LONDON, March 15 (Reuters) - Bank of England Governor Andrew Bailey said on Monday he was now more positive about the British economy as the novel coronavirus was in retreat though he cautioned the COVID-19 effect was huge. “I’m now more positive but with a large dose of caution,” Bailey told BBC radio. “There are now risks on the upside.” Bailey said the British economy would recover this year and get back to its late 2019 level around the end of this year. The BoE is expected to keep interest rates at their historic low of 0.1% and its bond-buying programme unchanged at 895 billion pounds ($1.25 trillion) on Thursday at the end of its March meeting. “There has been a very large build-up in saving in the economy,” Bailey told the BBC. “The question of course then is: to what use will those savings be put?”