Bank of England faces urgent overhaul over laggardly inflation response – "inadaquate"

<p>The upper house of the UK Parliament, the&nbsp;House of Lords, has released a report on the Bank of England that examines the Bank's response to rising inflation.</p><p>UK inflation began to rise in 2020 and, eventually, the Bank raised its cash rate ("Bank Rate") 14 times.&nbsp;The Economic Affairs Committee&nbsp;of the Lords says significant reform is needed at the Bank:</p><ul><li> policymakers too slow to respond</li><li>policymakers too reliant on inadequate forecasting models</li></ul><p>The Financial Times have a piece, <a href="https://www.ft.com/content/3c6cc2ff-e00b-4725-8454-2a18b042aeea" target="_blank" rel="nofollow">gated but here is the link</a> if you can access it.&nbsp;</p><figure data-media-><img src="https://images.forexlive.com/images/Bank%20of%20England%20cash%20rate%2027%20November%202023_id_6ff50052-2447-4595-8941-2d19a506963e_original.jpg" alt="Bank of England cash rate 27 November 2023" width="806" height="621" wrapper-="wrapper-" data-src="https://images.forexlive.com/images/Bank%20of%20England%20cash%20rate%2027%20November%202023_id_6ff50052-2447-4595-8941-2d19a506963e_original.jpg" /></figure><p><br></p>

This article was written by Eamonn Sheridan at www.forexlive.com.