Bank of England blames weather for making inflation worse
The Bank of England has claimed it has "very big lessons" to learn after it vastly underestimated inflation forecasts, instead pointing the finger of financial blame at the weather.The Bank of England has claimed it has "very big lessons" to learn after it vastly underestimated inflation forecasts, instead pointing the finger of financial blame at the weather.
Comments made following a Treasury Committee hearing this morning, Pill noted that issues with calculations meant forecasts had been "too low". The words of Bank of England Chief Economist, Huw Pill, follow a slew of criticism from MPs aimed at Governor Andrew Bailey and top executives over inaccurate predictions."These are genuinely things I think you can't predict from period to period," Mr Pill said.
It follows the Bank of England's dramatically revision of inflation rates, after the Monetary Policy Committee announced rates would stay higher for longer than previously expected.
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