Staff are being forced to manually do tasks which should be automated, a review commissioned by the Bank found.
The model that the Bank of England uses to make economic forecasts has “significant shortcomings”, a review commissioned by the Bank has found as it recommended dedicating more resources to the job.
It found that staff were performing some functions manually which “ideally would be executed automatically.” At a time when the economy is fluctuating it is always harder to accurately predict what will happen next, but the Bank brought in Dr Bernanke after receiving public criticism.
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