The bank’s review into its failure to predict the inflation surge misses a second equally important blunder a few months later.
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If the Bank of England extends its rescue scheme for the bonds market beyond October 14, all bets are off.
The “monetary policy rule” tool has been mostly right for the past 20 years.
Against all speculation, the bank decided to hold the base rate at all-time lows for another month.
The Bank of England is weighing up the costs of a change.
