STAFF NEWS & ANALYSIS

Bank of England’s Andrew Haldane Admits Economic Forecasting Errors

By The Daily Bell – January 07, 2017

Chief economist of Bank of England admits errors in Brexit forecasting … Andrew Haldane says his profession must adapt to regain the trust of the public, claiming narrow models ignored ‘irrational behaviour.’  The Bank of England’s chief economist has admitted his profession is in crisis having failed to foresee the 2008 financial crash and having misjudged the impact of the Brexit vote. -Guardian

The top economist at England’s chief central bank has said economists are often wrong. He called critisisms about lack of accuracy in forecasting a “fair cop” and said the industry would have to do a better job.

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Andrew Haldane, said it was “a fair cop” referring to a series of forecasting errors before and after the financial crash which had brought