The Bank of England announces plans to improve its economic forecasting after a probe reveals significant deterioration. Former US Federal Reserve chief Ben Bernanke was called in to investigate the central bank's poor performance. The bank will reconsider its current practice of issuing central projections and instead publish more alternative scenarios.
The Bank of England said today it would implement a"substantial upgrade programme " to improve its economic forecasting , after a probe found it had"deteriorated significantly" in recent years.
In response to the conclusions, the Bank of England said it would reconsider its current practice of issuing central projections for the economy, and would instead publish more alternative scenarios. The Bank of England oE received particularly strong criticism for underestimating the persistence of UK inflation in the wake of the pandemic and the war in Ukraine, and for possibly taking too long to raise interest rates.
To combat rising prices, the Bank of England tightened its monetary policy 14 times before holding interest rates at a 16-year high of 5.25% in recent months.
Bank Of England Upgrade Programme Economic Forecasting Probe Poor Performance Ben Bernanke Central Projections Alternative Scenarios
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