Financial Times - BoE has very big lessons to learn after failing to spot persistent high inflation

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The Financial Times’ main story is that the governor of the Bank of England has conceded there are “very big lessons to learn” after the central bank failed to forecast the persistently high inflation of the last 18 months. Speaking before the House of Commons Treasury Select Committee on Tuesday, Andrew Bailey said the Bank had taken a “conscious decision” to reduce the role of its forecasting model when setting interest rates because the model was not delivering sufficiently accurate results.

The most captivating image on the front page of the Financial Times is a protester being hauled away from Shell’s annual meeting. Climate demonstrators disrupted the event.

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