Under fire from politicians and economists for failing to predict the pace of inflation, the Bank of England is calling in a big name to pronounce a verdict. The central bank today said former US Federal Reserve Chairman Ben Bernanke would lead a review into its economic forecasting.
Bernanke’s surprise appointment comes as the UK continues to grapple with the worst inflation among Group of Seven nations and Treasury advisers voice concerns the BoE risks raising interest rates too high in the coming months. That could push the UK into a recession just in time for the next general election likely in 2024, with the ruling Conservative party already trailing Labour.