BoE forecast, didn't see this coming.

shortchanged_2

http://www.bbc.co.uk/news/business-18084700

Another cracking prediction from the BoE ends up being downgraded.

1.2% growth for 2012!! Over optimistic as per usual both on the growth rate and inflation.

Did they think that the Eurozone problems had been sorted?

These economic experts don't really seem too hot at what they do and on large pay packets no doubt.

Generali

shortchanged wrote: »

http://www.bbc.co.uk/news/business-18084700

Another cracking prediction from the BoE ends up being downgraded.

1.2% growth for 2012!! Over optimistic as per usual both on the growth rate and inflation.

Did they think that the Eurozone problems had been sorted?

These economic experts don't really seem too hot at what they do and on large pay packets no doubt.

Many football pundits are on similar or more and can't say who's going to be in the final of the Champions League or FA Cup despite there being a realistic field of about 10 for each.

ILW

Inflation will remain above target for the next year or two.

What is the point of these people, give them a simple task, they fail completely and keep getting paid.

Graham_Devon

The forecast was 2.2% a year ago. Got revised to 1.2%. now revised again to 0.8%.

Loving the new way of forecasting inflation.

"Will remain above 2% for a year or so".What's "so"?

shortchanged_2

Generali wrote: »

Many football pundits are on similar or more and can't say who's going to be in the final of the Champions League or FA Cup despite there being a realistic field of about 10 for each.

Thing is though Gen, when is the last time they were actually right, or saying that were overly pessimistic with a forecast?

ILW

Can we get rid of BoE and get the Bundesbank in please. They do seem to know how to run an economy for the benefit of their own people.

Thrugelmir

shortchanged wrote: »

Thing is though Gen, when is the last time they were actually right, or saying that were overly pessimistic with a forecast?

Have you ever prepared a forecast as part of your job?

We revise our cash flow forecast every 14 days for example.

michaels

Yep, if only our economy was more like Spain, Eire, Portugal Italy or Greece right now

ILW wrote: »

Can we get rid of BoE and get the Bundesbank in please. They do seem to know how to run an economy for the benefit of their own people.

purch

Can we get rid of BoE and get the Bundesbank in please.

Ah Ha !!!

rewired has finally exposed himself :eek:

Generali

michaels wrote: »

Yep, if only our economy was more like Spain, Eire, Portugal Italy or Greece right now

The Crescent of [STRIKE]Prosperity[/STRIKE] Despair.

shortchanged_2

Thrugelmir wrote: »

Have you ever prepared a forecast as part of your job?

We revise our cash flow forecast every 14 days for example.

No thankfully I don't.

But what is it that the BoE experts are seeing or more to the point what are actually missing all of the time when they make their forecasts?

Europe is a mess and is not being sorted. Unemployment remains very high, incomes remain squeezed for many. As I and others have stated for a long time, not conditions very conducive for growth.