We are unlikely to spot next financial crisis, Bank of England official says

MPC member Gertjan Vlieghe tells MPs that central bank's financial models 'are just not that good' for predicting even a recession

The Bank of England is unlikely to predict the next financial crisis, according to one of the central bank's leading policymakers, who said economic models were unable to provide flawless forecasts for the UK economy.

Monetary policy committee member Gertjan Vlieghe said it was impossible for the Bank to forecast a recession, let alone the next crash, and no amount of fine-tuning models of the way the modern economy operates would change that harsh reality.

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