Chief Economist of Bank of England Admits to Errors in Forecasting Impact of Brexit
The Bank of England’s Chief Economist Andrew Haldane has admitted to failing to foreseeing the 2008 financial crash and has misjudged the impact of the Brexit vote. The bank has come under scrutiny for predicting that there will be a slowdown in UK’s economy in the event of a Brexit. However, the economy has since bounced back strongly.
“The Bank of England’s Chief Economist Andrew Haldane has admitted to failing to foreseeing the 2008 financial crash and has misjudged the impact of the Brexit vote.”
~ The Guardian
He has admitted that the central bank did not anticipate the resilience of consumer spending after the Brexit vote. He also said the bank was wrong about the timing and not about the fundamentals and that the Bank of England still expected Brexit to harm growth.
About Bank of England
Founded in 1694, the Bank of England is the central bank of the United Kingdom. Sometimes known as the ‘Old Lady’ of Threadneedle Street, the Bank’s mission is to promote the good of the people of the United Kingdom by maintaining monetary and financial stability.
Visit: Bank of England
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