The Bank of England on Friday announced a “once in a generation” overhaul of its inflation forecasting following a long-awaited review by former Federal Reserve Chair Ben Bernanke. The review — initiated following criticism of the central bank’s recent policymaking — sets out 12 recommendations which BoE Governor Andrew Bailey said the bank was committed to implementing. Bailey told CNBC it had been “invaluable” to compare and contrast the U.S. policy perspective with its own. “This is a once in a generation opportunity to update our forecasting, and ensure it is fit for our more uncertain world,” Bailey said. The ... (full story)