The Bank of England’s headline forecast has become less useful as a guide to policy-making, deputy governor Dave Ramsden said.

During previous remarks, in July 2021, Ramsden raised the hope that the fading of the Covid-19 pandemic would allow a return to greater reliance on forecasting. “Things haven’t turned out that way,” he told a conference in London today (November 24).

A series of unpredictable shocks and ongoing high levels of uncertainty have led to an “increasing use of scenarios”