BoE should start publishing interest rate projections

The Bernanke review of the Bank of England’s forecasting and communications will probably recommend the Bank illustrates the risks around its forecasts using alternative scenarios rather than fan charts and places greater emphasis on supply and monetary indicators when forecasting. It’s less clear what it will suggest when it comes to incorporating interest rate assumptions into its forecasts. We would favour the Monetary Policy Committee publishing collective or individual projections for interest rates.