Lates News

Pantheon Macroeconomics' chief UK economist Robert Wood said that as the job market gradually weakens, the Bank of England may cut interest rates twice more this year. Data released this week showed that the UK's unemployment rate is rising, but at a slow pace rather than a sharp increase, while wage growth is also slowing down. The Bank of England's policy committee can relax interest rates. However, there are still signs that some underlying factors are keeping wage growth fast and preventing inflation from reaching the Bank's 2% target. This means that the Bank of England is unlikely to cut rates continuously, but there is room for two more rate cuts after cutting rates in February and May this year.