Saturday, 18 February 2017 14:54

Bank of England forecasts as much use as a chocolate fireguard

You cannot watch a news bulletin without some kind of forecast from the Bank of England being featured. They’re good at that, making forecasts – they might be completely wrong – but they certainly make them. Make them up it appears.

They were the first to say that Brexit was going to basically end the UK as we know it and this is just one in a long line of wrong forecasts – in fact they are getting a bit of a reputation for getting predications completely wrong at the moment. In fact, whatever the Bank of England predicts, it’s pretty odds on that the opposite will happen.

Some of the best bloopers from the Bank of England are large to say the least. One that sticks in our mind is when it didn’t mention anything about the financial crisis that brought the country to its knees eleven years ago.  Then another stinker, two months after the Brexit vote, it reduced gross domestic product predictions more than in any single Inflation Report, yet a couple of months ago, it raised its gross domestic product forecast more than any Inflation Report on record.

Confused? So are we.

The Bank of England really ought to keep quiet for a bit we think. They have absolutely no clue what they are talking about and are consistently having to suck up the embarrassment every time they get something wrong.

Brexit is the real sticking point at the moment for the BoE.

As soon as Britain voted to leave the European Union it was like the Bank of England spoke without engaging their brain first. They felt they had to tell the left wingers what they needed to hear. Unfortunately, however, that was completely wrong. And it wasn’t just wrong, it was monumentally wrong.

Economists at the Bank of England said that Brexit would bring about Armageddon to Britain and the uncertainty would leave the country in tatters with regards finances and jobs. Yet we closed last year with a world leading economy. It appears, contrary to what the Bank of England said, that people are actually excited about what Brexit could do for our country. The bungling bosses at the bank are now saying that the economy will increase by 1.4 per cent. They have also raised projections for 2018/19.

I think what we are trying to say is that the powers that be have absolutely no clue and they were foolish to suggest the things they did about Brexit. After all, nobody has the power to predict the future, no matter how important they think they are. 

The Bank of England could do a lot of damage to their reputation, if they haven’t already done so, by repeating false forecasts. People expect forecasts to have an element of truth in them yet everything that has been said lately has been completely outlandish.

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