The Bank of England said on Friday that it would overhaul the way it forecasts its outlook for the British economy as part of a “once-in-a-generation” review of its process after it was criticized for underestimating inflation.
After a few turbulent years — which included a pandemic, the war in Ukraine and a surge in inflation — the central bank was accused of bungling its economic forecasts.
It has since set out to find ways to convey more clearly what it thinks will happen to economic growth and inflation, especially in times of high economic uncertainty.
“We have a once-in-a-generation opportunity to update our approach, in a world that, I’m afraid, remains highly uncertain,” said Andrew Bailey, the governor of the Bank of England.
The bank asked a former Federal Reserve chair, Ben S. Bernanke, to lead the review.
Persons:
”, Andrew Bailey, Ben S, Bernanke
Organizations:
of England, Bank of England, Federal Reserve
Locations:
Ukraine