Institution: Unemployment rate rises in the UK, expects the Bank of England to cut interest rates twice more this year.

Robert Wood, Chief UK economist at Pantheon Macroeconomics, said that as the job market gradually weakens, the Bank of England may cut interest rates twice more this year. Data released this week shows that the UK's unemployment rate is rising, but at a slow pace rather than sharply, while wage growth is also slowing down. The Bank of England's Monetary Policy Committee could ease interest rates. However, there are signs that some underlying factors are keeping wage growth rapid and preventing inflation from reaching the Bank's 2% target. This suggests that the Bank of England is unlikely to cut rates consecutively, but there is room for two more rate cuts after the cuts in February and May this year.