BOE external MPC member MichaeL Saunders speaking in Scotland
- absence of a credit freeze after the Brexit vote was the main factor behind the unexpected resilience of the UK economy
Some would argue though that the additional easing was a) unnecessary, b) premature and c) potentially damaging in the longer term
"Forecasts are always likely to be wrong. That is the just the nature of forecasts. We try to present our forecasts as a probalistic range"
Aka put a wet finger in the air.
- Scotland's economy is stabilising
Saunders, continuing the theme from the last TSC testimony from Carney and Haldane, was speaking at an IOD meeting in Aberdeen and reported by the Press & Journal.
By way of background he was Head of European Economics at Citigroup from 1998 to 2016. From 2008,he also managed the Citigroup economics teams in Japan and Australia. He originally joined Salomon Brothers, which became part of Citi by merger, as Vice President in 1990. He was promoted to Director and, from 1996, Managing Director.
BOE MPC's Saunders - "Forecasts are always likely to be wrong"