04/12/2024 | News release | Distributed by Public on 04/12/2024 05:08
In July 2023 the Court of the Bank of England announced that Dr Ben Bernanke would lead an independent review into the Bank's forecasting and related processes during times of significant uncertainty.
That Review, published on 12 April, provides a thorough assessment of the Bank's current forecasting approach, and the relationship between the forecast, monetary policy decisions, and their communication.
The Review sets out 12 recommendations, which are organised according to three major themes.
The Bank welcomes and is committed to action on all 12 of the Review's recommendations and will provide an update on proposed changes by the end of the year.