BoE's Haldane admits forecasting errors in run-up to Brexit

Predicted economic shock

Andrew Haldane, chief economist at the Bank of England, has admitted the central bank misjudged the impact of the Brexit vote on the UK economy.

The Bank came under strong criticism for its role in 'Project Fear' in the run-up to the European referendum, forecasting a dramatic economic slowdown if voters elected to leave the EU. However, this has not come to pass and the UK economy has bounced back since the referendum. According to The Guardian, Haldane (pictured) said the Bank had not anticipated the resilience of consumer spending following the referendum and economic forecasting models were too "narrow and fragile".  "I am not someone who would say that all that has been done in the past is terrible. It is just that the...