Forecasts used by the Bank of England to set interest rates are biased and contain little useful information, according to a Financial Times audit.
It says the Monetary Policy Committee's (MPC) forecasts since 1997 have achieved no better outcome than if the Committee had simply predicted the average level for inflation and growth over the 13-year period.
With concerns rising over the Bank's failure to foresee recent rises in inflation, these findings suggest the problems are, in fact, endemic.
The MPC unveils its quarterly inflation report on Wednesday.
Brussels preparing proposals for EU-wide tax
The European Union executive is preparing proposals for an EU-wide tax on bank transactions or air travel, according to a senior official, the Reuters reports.
With European Governments under financial pressure, officials in Brussels are looking for alternatives to finance a growing EU budget, the vast majority of which goes on subsidising farming and funding structural projects such as road building.
Around 4% pays for the EU's civil service in Brussels.
On Monday, Janusz Lewandowski, the European Union's commissioner in charge of the £116 bn budget, said he would outline in September how a new EU tax might look.
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