The deputy governor of the Bank of England, Charles Bean, has admitted that the recession "highlighted shortcomings" in the Bank's economic forecasting models.
He said that even had the Bank considered the possibility that the economy could shrink by more than 6%, as actually happened, the Bank would have put the chances as being "virtually negligible". The deputy governor, responsible for monetary policy at the Bank, also confessed that it was encountering puzzles in the behaviour of the economy during the downturn, writes the Independent. FULL STORY...
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