BoE Gov. Bailey committed to acting on Bernake’s recommendations

Former Fed Chair Bernanke’s recommendations:

BoE should de-emphasise the central forecast based on market interest rate expectations.

Fan charts should be eliminated and uncertainty conveyed in a more qualitative way.

Central forecasts should be augmented with topical scenarios.

Bank of England's main forecast model should be replaced or thoroughly revamped.

Incremental quarterly updates to BoE forecasts may slow recognition of bigger structural changes.