Banking News

BoE officials reject criticism of forecast misses

Bank of England officials dismissed criticism from a parliamentary committee that their forecasts had failed to predict the UK’s inflationary surge in a hearing on November 16.

Governor Andrew Bailey argued the BoE could not have predicted most of the shocks that hit the UK economy in the past few years. He also denied that policy-makers had been too slow to respond to inflation.

The governor made the remarks to the UK parliament’s Treasury Committee on the same day that figures indicated a

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