It's not just the Bank of England feeling the heat from wrong forecasts | Torsten Bell

Economists failing to predict levels of inflation is bad enough but it's deadly when weather forecasters miss the markEconomic forecasting is not having a good time. Inflation has consistently come in higher than expected and the governor of the Bank of England has admitted "there are big lessons about how we operate". MPs and others have been highly critical and an external review of the Bank's forecasting approach has been commissioned.But it's not just economists in the forecasting business. Indeed, new research takes the "rubbish forecasts" heat off them by focusing instead on rather more famous forecasters: meteorologists. Predictions of sun or rain, rather than GDP or inflation, are understandably much more important parts of our daily lives. Continue reading...