BoE data trialling underway following Ben Bernanke policymaking review

Structural VAR models in progress

The Bank of England has embarked on a series of reviews aimed at improving its internal forecasting and data systems as recommended by former US Federal Reserve chair Ben Bernanke.

Bernanke published an independent review back in April 2024, calling for changes to the BoE's forecasting, decision-making and communications approach. Bank of England to embark on largest reform since gaining independence following Bernanke review The review included 12 recommendations aimed at reforming the BoE's deficiencies in forecasting infrastructure, which came to light after the UK suffered a series of domestic and global supply shocks which contributed to inflation rising to generational highs two years ago. In a paper published by the BoE last week (18 July), the Bank pr...