Fitch: The job market continues to weaken, and it is expected that the Bank of England will cut interest rates three times this year.

Jessica Hinds of Fitch Ratings stated in a report that the UK employment market continues to weaken, which should prompt the Bank of England to cut interest rates later this year. She pointed out that the decision to keep the benchmark interest rate at 3.75% was more subtle than market expectations, and the accompanying statement acknowledged that the judgment on further policy easing is becoming more tricky. The deterioration of the labor market could play a significant role in suppressing demand and wage pressures, leading the Bank of England to cut interest rates three times by 2026, bringing the rate down to 3%.