Bank of England to update inflation forecasting after Bernanke review

The Bank of England said Friday a reappraisal of its ostentation forecasting by erstwhile Federal Reserve Chairman Ben Bernanke will consequence successful a erstwhile successful a procreation updating of nan bank's ostentation forecasting. File photograph by Kevin Dietsch/UPI | License Photo

April 12 (UPI) -- The Bank of England said Friday it will betterment its ostentation forecasting aft a reappraisal by erstwhile Federal Reserve Chair Ben Bernanke.

Bank of England Governor Andrew Bailey said in a statement that nan reappraisal marked "a once-in-a-generation opportunity to update our forecasting, and guarantee it is fresh for our much uncertain world."

The reappraisal identified 12 recommendations to amended ostentation forecasting.

Major themes of those recommendations see improving nan bank's forecasting infrastructure, information management, package and economical models and creating a forecasting process that provides much support to nan Monetary Policy Committee's decision-making.

"The forecasting and argumentation challenges faced by nan Bank of England successful caller years were hardly unique. Still, they person served arsenic a accent trial of forecasting astatine nan Bank," Bernanke said. "The Bank, for illustration different cardinal banks and argumentation institutions, will beryllium moving to tie nan due lessons from this experience. The extremity of this reappraisal is to assistance successful this effort."

The recommendations are besides intended to thief pass nan committee's position of nan system to nan public, including nan risks and uncertainties and argumentation rationale.

According to Bernanke, his reappraisal of nan Bank of England's forecasting made nary judgement connected caller decisions by nan bank.

He recommended nan slope shape successful nan recommendations, starting pinch improving nan forecasting infrastructure.

The Bank of England announced plans for Bernanke's review successful July.

Bailey said past that doing nan reappraisal "will let america to return a measurement backmost and bespeak connected wherever our processes request to accommodate to a world successful which we progressively look important uncertainty."