Is there enough diversity of economic thought on Threadneedle Street?

Should look at real-world impact

It is time to face the truth – the Bank of England could not have been more wrong about inflation.

Over one year ago, it forecast that inflation now would be under 3%. The reality is that it is now 10.1% and rising. Last autumn, lest we forget, Governor Andrew Bailey indicated that the bank was going to raise rates, before then deciding not to - only serving to spook financial markets as a result. Here is a radical school of thought: could it be that our highly esteemed central bank has too many economists on its monetary policy committee (MPC) that share similar, or in some cases the same views, on economic forecasting? When the Bank of England was made independent in the late 1990s ...