Sir Paul Marshall,
criticised the Bank of England’s post-Brexit Referendum forecasts in an article in the Financial Times on Jan 17th 2018. He said that the Bank ‘has come to embody anti-Brexit to such a degree that it endangers its credibility as an institution cognitive bias…. The Bank’s forecasts were so far adrift as to be embarrassing’. The BoE forecast exports to fall 0.5% but the latest data, for the 3rd quarter of 2017 shows them up 8.7%. Business investment was forecast to be 2% down in 2017 but ONS figures show it to up by 1.7%. This can be dangerous because ‘poor forecasting can lead to poor policy’. The article can be seen at
https://www.ft.com/content/2ec41698-f48f-11e7-a4c9-bbdefa4f210b
