Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the Bank of England’s financial forecasting record; and what steps, if any, they plan to take to improve the Bank’s forecasting.

The Bank of England has statutory responsibilities for monetary policy and financial stability, and operational independence from the Government to carry out those responsibilities. The Government remains fully committed to the Bank’s independence.

The Court of the Bank of England has commissioned the Bank’s Independent Evaluation Office (IEO) to review the Bank’s forecasting, and related processes. It will be led by Dr Ben Bernanke. The review began this summer and is expected to publish its findings in spring 2024.