"Bernanke Urges Overhaul of Bank of England's Economic Forecasting"
Originally Published 1 year ago — by CNBC
The Bank of England has announced a major overhaul of its inflation forecasting model following a review by former Federal Reserve Chair Ben Bernanke, with 12 recommendations aimed at improving forecasting infrastructure, supporting decision-making within the Monetary Policy Committee, and better communicating economic risks to the public. The overhaul includes scrapping the long-held "fan chart" forecasting system and introducing a revamped forecast framework, as well as improving communication with the public and modernizing software. The review was initiated in response to criticism of the central bank's recent policymaking and aims to ensure the bank's forecasting is fit for a more uncertain world.