Chief economist of Bank of England admits errors in Brexit forecasting

Andrew Haldane says his profession must adapt to regain the trust of the public, claiming narrow models ignored 'irrational behaviour'

The Bank of England's chief economist has admitted his profession is in crisis having failed to foresee the 2008 financial crash and having misjudged the impact of the Brexit vote.

Andrew Haldane, said it was "a fair cop" referring to a series of forecasting errors before and after the financial crash which had brought the profession's reputation into question.

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