Bank of England forecasts undermined by out-of-date methods, report finds

Former US Fed boss Ben Bernanke criticises failure to admit mistakes and change course

• Do better: Bernanke gets strict with Bank of England

The Bank of England's recent record of forecasting inflation and the path of interest rates was undermined by out-of-date methods and a failure to communicate clearly with the public, according to a bruising independent assessment.

The report by the former US Federal Reserve boss Ben Bernanke said the Bank spent much of its time attempting to justify its poor judgment rather than admitting its failures and changing course.