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The Guardian - UK
The Guardian - UK
Business
Larry Elliott Economics editor

Do better: Bernanke gets strict with Bank of England over handling of inflation crisis

Ben Bernanke Inflation MPC Andrew Bailey The Bank of England United States
Ben Bernanke
Ben Bernanke’s report on the Bank of England makes 12 recommendations. Photograph: Bloomberg/Getty Images

The Bank of England has got markedly worse at forecasting the economy in recent years. Its economic model is faulty. Its systems are out of date. It has been reluctant to admit past mistakes. Communication with the public could be better.

If Threadneedle Street thought it was going to get an easy ride when it called in the former head of the US central bank, Ben Bernanke, to conduct a review of how decisions on interest rates have been made in recent years, it was mistaken.

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