After an Express.co.uk investigation yesterday into just how badly Britain’s economists are failing in their post-Brexit predictions Andrew Haldane, chief economist at the Bank of England, admitted the profession was in crisis.
Contrary to predictions, Britain’s economy post-Brexit has been shown to be thriving, with business activity hitting a 17-month high last month.
Britain’s economy grew by 2.2 per cent last year, which is more than six other leading nations including the US, Germany and Japan.
The findings, produced by analyst firm IHS Markit, indicate Brexit has had a positive impact on the economy, thereby embarrassing economists who predicted damning consequences of Britain’s departure from the crumbling bloc.
Andrew Haldane, chief economist at the Bank of England, admitted forecasts were wrong and that “the data has surprised to the upside.”
Mr Haldane said: “It’s a fair cop to say that the profession is to some degree in crisis.”
In a dramatic u-turn, the Bank is now forecasting growth for the UK economy in 2017, predicting the economy will increase by 1.4 per cent.
A report published by the Centre for Business Research at Cambridge University has found that Treasury forecasts over Brexit to have been “flawed and partisan”.
The Bank of England has had a ‘Michael Fish’ moment, according to economists