Bank of England forecasts undermined by out-of-date methods, report finds

The Bank of England has been accused of appearing to ‘at times suffer from excessive incrementalism’. Photograph: Thomas Krych/Zuma Press Wire/Shutterstock

The Bank of England’s recent record of forecasting inflation and the path of interest rates was undermined by out-of-date methods and a failure to communicate clearly with the public, according to a bruising independent assessment.

The report by the former US Federal Reserve boss Ben Bernanke said the Bank spent much of its time attempting to justify its poor judgment rather than admitting its failures and changing course.