BoE’s scenarios are best way forward, say ex-MPC members

The Bank of England’s scenarios-based approach still offers the best way to forecast the likely of path for monetary policy, former members of its rate-setting committee tell Central Banking.

The BoE adopted the approach last year following recommendations by former Federal Reserve chair Ben Bernanke in his 2024 review of the bank’s forecasting. The review was commissioned after the BoE, like many advanced economy central banks, failed to foresee the lasting rise in inflation that followed the