BOE Agrees to External Scrutiny of Its Forecasting Errors in the UK

The Bank of England has agreed to an external review of its forecasting process after failing to anticipate the scale of the current inflation shock.

David Roberts, chair of the central bank’s court of directors, said in an exchange of letters with lawmakers in Parliament that officials have decided “to commission a broad review into the bank’s forecasting and related processes during times of significant uncertainty.”

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