'Major financial investment' is needed to bring its IT up to speed, the Bank's governor Andrew Bailey said.
Poor software and bias toward making only small, sequential changes is one of the reasons economic forecasters at the Bank of England failed to predict and prepare for the cost of living crisis, brought about by high inflation, according to a 'once in a generation' review.
lockdowns brought about supply chain shortages and bottlenecks, while the invasion of Ukraine led energy prices to soar. Such events are 'by their nature difficult to forecast', the Dr Bernanke review said. The Bank had made a number of inaccurate forecasts - such as expecting a year-long recession and not factoring in the impact of wage rises on inflation - and has been accused of failing to raise interest rates high enough or soon enough to slow inflation.
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