The review by Ben Bernanke is likely to recommend significant changes in the Bank of England's forecasting processes, including the publication of forecasts for the future interest rate path, increased use of economic scenarios, and a shift to staff-produced economic forecasts.
The need for this review stems from the post-COVID inflationary surge that led to inaccurate forecasts and communication challenges, damaging the Bank's credibility and public confidence. The aim is to prevent such situations, regain control of the inflation narrative, and restore confidence in the institution.
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