BoE chief economist Pill defends inflation forecast record

Writing to Treasury Select Committee

The Bank of England should continue to rely on economic modelling when making monetary policy decisions, Huw Pill, chief economist at the BoE, has argued.

Writing to Harriet Baldwin, chair of the Treasury Select Committee, Pill defended the use of forecasts in the monetary policy process, arguing they "help to develop a narrative for the evolution of the economy and the outlook for inflation that underpins monetary policy decisions". He added that in a more "benign environment", use of a single forecast could be better justified, but with the current levels of significant uncertainty, it was necessary to use multiple frameworks to understand the economy. Bank of England's Dhingra: 'Promising signs' for drop in UK inflation - reports ...